Saturday, January 12, 2013

分析:平安买家之谜


分析:平安买家之谜
英国《金融时报》 欧阳德,保罗•J•戴维斯 ,报道 2013-01-11 (www.ftchinese.com)

汇丰(HSBC)出售所持中国平安保险(Ping An Insurance) 94亿美元股份的计划可能会泡汤。即便按照中国商业交易那难以捉摸的标准来衡量,这里面的波折也显得过于复杂了。

然而,让这宗售股交易产生变数的根本原因可能相当简单。按照中国内地和香港银行家的说法,最为可信的解释是某位中国高官改变了主意。

去年12月初,有关方面宣布,泰国主营农业的集团企业——正大集团(CP Group)将从汇丰手里买下这些平安股份(占平安全部股份的15.6%)。观察家们对此颇感吃惊,因为他们注意到,这些股份的作价甚至高于正大的净资产。

延遲推出新數碼傳輸系統‧亞洲媒體揚升空間受限


延遲推出新數碼傳輸系統‧亞洲媒體揚升空間受限
Created 01/11/2013 - 18:32
(吉隆坡11日訊)亞洲媒體(AMEDIA,0159,創業板貿服組)業務深受經濟盛衰影響,加上延遲推出新的數碼地面電視廣播傳輸系統(DTTB)服務,分析員將其2012/14年盈利預測下調6.0%至21.2%,並認為其目前股價缺乏揚升空間。

達證券指出,該公司已在巴生河流域完成裝置及試用數碼住家戶外(DOOH),以及數碼地面電視廣播傳輸系統,後者推介活動卻延遲,主要是需要更多時間,以敲定一些客戶使用服務的商業條件,及處理現有客戶合約尚未到期事宜。

該行指出,該公司料今年在巴生河流域推出數碼地面電視廣播服務,預計可取得較好廣播時間收費率,因可更有效將廣告傳送給觀眾。目前它正在新山地區設立有關的廣播系統。

Hap Seng confident about outlook for all divisions in 2013

Hap Seng confident about outlook for all divisions in 2013
Business & Markets 2013
Written by Chittesh Shukla of theedgemalaysia.com  
Friday, 11 January 2013 18:03

KUALA LUMPUR (Jan 11): HAP SENG CONSOLIDATED BHD [] said the group was optimistic about all its divisions in 2013, especially its property division as it is set to launch new projects this year.

Datuk Edward Lee Ming Foo, the group's managing director who was at the media preview of The Horizon Residences development project by Hap Seng Land Sdn Bhd today, said, "All the divisions have a good outlook this year."

PhillipCapital Weekly Market Watch 07.01.2013 (S-REIT)


PhillipCapital Weekly Market Watch 03.01.2013 (US Outlook)


中国股市反弹能持续多久?

中国股市反弹能持续多久?
国泰君安固定收益部研究主管 周文渊 2013-01-05 (www.ftchinese.com)
中国股市最新一轮上涨,背后逻辑不是经济数据的改善(因经济已经在10月企稳),也不是货币政策的刺激(货币政策的基调是稳),唯一的解释是政策预期的改善,也就是对未来的信心改善。

高层换届之后,出现了很多新气象。这些新气象映射到资本市场,使投资人看到未来制度变革的希望,如果这种新气象能够延续下去,从点状的事件性变革到全面的制度变革,投资人的信心会逐步恢复,从而带来流动性,市场估值也就会相应提高。

随着中国股市涨升,中国挂牌基金再受追捧?

随着中国股市涨升,中国挂牌基金再受追捧?
文: 林伟杰 (译:麦美莹) 2013年01月08日 展望
中国的上海综合指数从2012年12月3日的1,960点涨升了约15.8%至2012年12月31日的2,269点。自去年11月起,我对中国市场便十分感兴趣,奈何时间不多,不能够在这方面多做研究。

我的客户曾经询问有哪些挂牌基金(ETF)可以用来追踪上证指数及/或上证50指数。我汇编了一些挂牌基金及它们与上证指数与上证50指数的关系(请看表1)。由于部份读者可能对此感兴趣,所以我也在我的微薄上与大家分享。

Goldman on China Stocks: Why We'll Be Right This Time

Goldman on China Stocks: Why We'll Be Right This Time
Goldman Sachs may have been significantly off the mark on its call for a bumper rally in Chinese equities in 2012, but this year, the U.S. investment bank is confident that its upbeat outlook for the market will materialize.

According to the bank's Chief China Equity Strategist, Helen Zhu, a pickup in earnings growth and the expectation of economic reforms by China's new government will lift the MSCI China Index 8 percent in 2013 from current levels. The index climbed 4 percent in the first week of the year.

Goldman forecasts earnings growth of 9 percent in 2013, driven by an acceleration in gross domestic product (GDP) growth to 8.1 percent from an expected 7.7 percent last year.

Why It's Time to Buy China Bank Stocks


Why It's Time to Buy China Bank Stocks

A turnaround in China's bank earnings seen in the second half of last year is likely to continue into 2013 as the economy improves further, prompting analysts to turn bullish on the sector.

For example, Japan's investment bank Nomura forecasts earnings growth to be up to 15 percent annually over 2012 to 2014 — on increasing loan demand and yields. While China's top four banks are yet to release last quarter results, full year 2012 earnings growth is expected to be between 7 percent and 22 percent, according to Nomura.

In a report released on Monday, Nomura said China's economic recovery is going to bode well for banks in the near-term, which will benefit from modest inflation and loose monetary policy.

Mobius: 2013 Will Be a Fantastic Year


Olam's moment of truth

Olam's moment of truth
Personal Finance

Written by Assif Shameen of The Edge Singapore  
Monday, 07 January 2013 00:00
FOR nearly a decade now, affable and chatty CEO Sunny Verghese has been one of Singapore's better-known corporate chieftains. Since its listing eight years ago, agricultural supply-chain manager Olam has emerged as something of a local champion. It was battling far bigger, better-capitalised global players and winning. It was the little company that could. Verghese himself has won almost all the top management accolades in town. Yet, in less than three weeks, the company he so painstakingly built and helped co-found in Nigeria two decades ago has gone from a corporate high flyer to one that is clearly struggling to steady itself in increasingly stormy seas. Blame it all on Muddy Waters.

Olam has six to eight months, says Carson Block


Olam has six to eight months, says Carson Block
Personal Finance

Written by Assif Shameen of The Edge Singapore  
Monday, 07 January 2013 00:00

THE name sends shivers around trading desks across the region. In just over two years, Carson Block has emerged from obscurity to being probably the best-known short-seller in Asia. Five weeks ago, the 36-year-old American quietly slipped into Singapore and showed up at soft-commodity supply-chain manager Olam International's headquarters, piggy-backing on a hedge-fund-manager friend, to question the company's business model.

2013向北走向南走?(下)亚太首半年亮眼 限制热钱阻升势


2013向北走向南走?(下)亚太首半年亮眼 限制热钱阻升势
Created 01/04/2013 - 14:18
房产价格走低的现象,不仅是大马,也是整个区域市场目前共同面对的情况,各国政府为力抗西方游资涌入,预料会继续干预,限制亚洲住宅房产可扬升的幅度。

莱坊国际刚公布《亚太区住宅房产报告》,大部分亚太地区的房地产市场,在第二季的表现都比首季来得好,但买房情绪继续受到全球经济课题所左右。

报告说:“香港在第二季录得2009年第三季以来的最高涨幅。除了香港,大部分的住宅市场都相当稳定,中国某些城市及印度市场继续扩张,印尼的住宅市场维持强稳。”

2013向北走向南走?(中)走市场走弱 去哪买房?

2013向北走向南走?(中)走市场走弱 去哪买房?
Created 01/04/2013 - 14:26
住房市场出现走弱迹象,但不代表现在就不是投资良机,莱坊国际指出,房产是保本王牌,许多富人反而会在经济低迷时期买房,稳定本身的财富。

该行亚太区研究主管尼克乐斯霍特说:“经济不稳定的情况将继续在各方面影响市场,疲弱的经济将左右投资者的购买情绪。”

抗衡通胀最佳工具

但他说,一些较富裕的投资者,反而会在低迷时期购入产业,因为房地产投资向来被视为保本的王牌。


2013向北走向南走?


2013向北走向南走?
Created 01/04/2013 - 14:36
“房子价格太高,我已经买不起了!”这是过去两年多来,许多中产不断挂在嘴边的话。

政府过去两年紧密观察房价走势,为控制市场开出多个药方,大马消费者情绪渐趋谨慎,已火热多年的住宅市场也开始有了冷却迹象。

2013年的住宅房产行情将走向那方?向南或向北?

市场料续横摆 2013年远离高价时代

走过2012年,政府多次推出不同的打房措施,高价房产买气以及房贷也看到稍有放缓之势。

财经追击 Episode 38 -30.12.2012 : What Stocks To Buy in 2013?



Moneymind 23.12.12: 2013 MARKET OUTLOOK




曾淵滄教路010113: 城鎮化刺激消費 大眾化零售股較可取


城鎮化刺激消費 大眾化零售股較可取
特首梁振英到北京述職,總理溫家寶對他說要好好地處理:就業、物價、住房、貧困、環境、老齡化等六項民生問題。

我感覺到上述的六大民生問題,更像是今日中國政府所面對的問題多於香港所面對的,至少,今日香港失業率不高,就業問題怎麼會排在六大民生問題的第一項?也許,溫總天天在思考上述六大民生問題,也就自然地把今日中國所面對的問題也變成香港所面對的問題,當然,我不是說香港不會面對上述問題,只是暫時而言,上述的六大民生問題不是全部都很顯著。

大英Blog物館 01-01-13: 優化懶人投資法 買改良版指數基金

優化懶人投資法 買改良版指數基金
每逢新年,例必訂下不同目標。投資路上,不論市場如何進化,投資者的首選,始終是跑贏大市。固然有大把研究,力證單純購買指數基金,已足以超越大半對手。但對肯下工夫者,要其採用懶人投資法,又是心結難解。就算股神巴菲特,在這問題上,似乎也同時有兩種看法:一方面,他向大眾推薦指數基金,甚至身體力行,用指數基金與對沖基金對賭,博十年內對手跑輸。(詳見本刊448期)但與此同時,他對承認市場有效,亦大有保留,不以大市難跑,作為蛇王藉口,謂:「智力競賽中,如下棋、橋牌,或選股,若對手已養成『思考只會浪費時間』的想法,還有甚麼比這更好呢?」

指數受大市值股左右

自主操作,最大風險是眾人皆醉我獨(懶)醒,或大注沉迷價值陷阱,或過度孤芳自賞、刻意求冷,大市輕舟已過萬重山,自己卻原地踏步,甚至倒輸。指數基金則另走極端,大包圍全餐,眾板塊上落,總能雨露均沾。近年興起「優化派」,中間落墨,承認買指數優勢,再從其本身出發,找出破綻,將之改善。

新加坡赌场的新亮点

新加坡赌场的新亮点
英国《金融时报》 杰里米•格兰特 新加坡报道 2013-01-11 (www.ftchinese.com)

对于不知情的人来说,圣淘沙名胜世界(Resorts World Sentosa)的“海景套房”似乎与其他酒店客房没什么两样。但在百叶窗打开的一瞬间,一面从地面到房顶的水族馆玻璃就展现在你面前,蝠鲼和几十种鱼在你面前游过。

每晚2400新元(合1967美元)的这些房间于上个月开始接受预订,它们是2010年新加坡圣淘沙岛开始分阶段开放的一个集赌场和休闲于一体的公园之点睛之笔。

为了促进新加坡成为亚洲顶级旅游胜地,新加坡决定将赌博合法化。而圣淘沙名胜世界所有者马来西亚云顶集团(Genting Group),及其竞争对手博彩大亨谢尔登•阿德尔森(Sheldon Adelson)控制的拉斯维加斯金沙集团(Las Vegas Sands),都在2010年开始了一些项目,利用这一机会。

HSR-Property-Consultant-says-measures-are-timely


曹仁超:内地A股市场类似香港70年代

去年今日不少财经专家睇年底恒指12000点,还好大部分专家记忆力都十分差,已忘记自己在一年前曾经讲过什么。今年1月起联储局每月增加买入长债450亿美元直到通胀升幅大于2.5%或失业率低于6.5%。财政悬崖之后又如何?2011年8月债务上限问题解决后的七个交易天内,标普500下跌10.6%。去年因为担心财政悬崖,上市公司纷纷大派红利(一旦取消税务优惠,股息税将由去年的15%上升到今年43.4%。高收入人士更加要多付3.8%投资收入税),至今已公布大派红利的上市美股超过120间。

今年起美国政府开始削减财赤15%,令GDP陷入低增长已毫无疑问。换言之,无论财政悬崖解决与否,今年美股都面对困难日子。根据Ludwig Von Mises经济学家理论:政府人为地增加货币供应令经济产生泡沫,最后都以灾难收场。1998年8月面对俄罗斯债务危机,为阻止长期资金管理公司破产,联储局大幅减息,带来2000年科网股泡沫;2001年911事件后为阻止经济陷入衰退,政府大幅减税、联储局在2003年6月减息至1厘, 2007年10月CDO危机下引发金融海啸;2009年3月为对抗雷曼兄弟公司破产所带来的经济衰退而推出QE、QE2及QE3,最后亦应该以灾难收场。只是没有人事先知道何时何日出现。

年复合增长率

年复合增长率
2008年11月11日 不妨一知
年复合增长率(CAGR)是投资顾问用于吹嘘其对市场的熟悉及各基金用以宣传其回报率的惯用术语。但它究竟反映了什么?
CAGR是一个计算“平滑”回报率的数学公式。实际上这是一个形式上的数字,道出在年复合基础上的投资收益率如何;也向投资者表明在投资期结束时他们真正可得到什么。



CAGR是评估不同投资经过一段时间后表现如何的最佳公式。为评估一只股在同行中的表现如何,或相较于市场指数的表现如何,投资者可比较CAGR。CAGR也可用于比较股票与债券或储蓄户口之间的历来回报。

Why Hong Kong’s Bull Market Will Last Into 2013

Why Hong Kong’s Bull Market Will Last Into 2013

A "bull run" in Hong Kong's benchmark Hang Seng stock index, one of last year's best performing markets in Asia, should last well into 2013 thanks to a brighter economic outlook and a rebound in mainland shares, analysts say.

Hong Kong stocks rose almost 23 percent last year in the face of fears about a "hard landing" for China's economy.

Francis Lun, managing director, Lyncean Holdings says he's upgraded his target for the Hang Seng to hit 28,000 from 26,000 this year, because of increased optimism about the outlook for the global economy following a deal by U.S. lawmakers this week to avoid a "fiscal cliff."

Threat of New Curbs Looms Over Singapore Property Market


Threat of New Curbs Looms Over Singapore Property Market
Sluggish economic growth and six rounds of property cooling measures over the past three years, yet Singapore home prices remained on the boil in 2012. That can only mean one thing, say analysts: fresh curbs to cool the housing market in the months ahead.

Private home prices in Asia's financial hub, ranked as one of the world's most expensive cities to live in, climbed 2.8 percent last year, according to flash estimates by the city's Urban Redevelopment Authority (URA), after a 1.8 percent rise in the final quarter of 2012 – the fastest pace since the second quarter of 2011.

Leasing-of-private-homes-to-slow-in-2013-forecasts


US Will ‘Soon Get Messy’ Again: Roubini


US Will ‘Soon Get Messy’ Again: Roubini

The eleventh hour deal reached to avert the fiscal cliff in the U.S. merely masks the bleak long-term outlook for the country, Nouriel Roubini said in an opinion piece published in the Financial Times newspaper on Thursday.

Roubini, who is chairman of Roubini Global Economics and has been dubbed "Dr Doom" for his gloomy economic forecasts, said in the piece that the deal manages to stave off the debt issue temporarily rather than resolve it while another serious battle over raising the debt ceiling looms.

At the end of February, the U.S. government will reach its debt limit and an agreement is needed between Republicans and Democrats for an increase to the debt ceiling.

李嘉誠:今年樓價波幅一成


【本報訊】長和系主席李嘉誠(超人)出席集團周年晚會時,預期今年樓價走勢與去年不會相差太遠,上下波幅約10%內,走勢相對穩定。「我認為樓價應該相對穩定,你話升幾多,我唔敢講,要對其他人負責。」問到今年應否買樓時,李嘉誠指「通貨膨脹一定嚟,如果係買樓自住,當然冇問題。」但他勸喻大家要量力而為,「唔好借到九成(按揭)喇。」

受累辣招 樓價升幅有限
及後記者再向李氏追問,超人進一步解釋,「今年樓價唔會大升,但都唔會大跌,冇可能(大跌),因為建築費年年都飆升,升到你唔信。」他指出,一年建築費增長逾10%,「建築工人(加薪)起碼兩成到三成都唔出奇。」

長和員工一定可加薪
李嘉誠去年曾表示,認為港樓「冇可能跌三十幾巴仙」,指本港建築費、通脹攀升,升幅甚至高於世界平均水平,呼籲自用買家可以買樓上車,但炒樓則要「量力而為」。

2013年市场展望及投资专家的心水股


2013年市场展望及投资专家的心水股
文: 编辑团队 (译:朱爱伦) 2013年01月04日 展望

在迈入2013年之际,我们将分两期通过特写与读者分享投资专家对亚洲市场及本地股市的展望。此外,《股市资讯》团队及专家们也将挑选出今年的潜质股。

在欧债危机及美国和中国经济增长放缓的笼罩下,2012年的股市如过山车般起伏不定,但主要指数在最近的升势中更上一层楼。

然而,全球经济形势未见好转,由于世界各国的国内生产总值预测依旧偏低,而许多蓝筹股的盈利也没有大幅度提高。预期全球经济将依旧疲弱,那么亚洲股市又会在2013年何去何从?

曾淵滄博士-股市资讯专栏 04.01.2013

曾渊沧博士专栏
文: 曾渊沧博士 2013年01月04日 曾渊沧博士专栏
刚过去的2012年,新加坡与香港股市表现得还不错,主要动力来自美国QE3。去年9月美国推出QE3后,股市直线上升。我的两只爱股银河娱乐(027)与越秀地产(123)都录得超过一倍升幅。银娱升带动持有银娱1.625亿股的嘉华国际(173)也水涨船高,股价升幅达89%,跑赢大部份香港地产股。

香港地产股中,新世界发展(017)表现十分理想,股价上升92%。去年年初,我向大家推荐两只在2011年跌得最惨的蓝筹股,希望在2012年,这两只跌得很惨的蓝筹股能大幅度反弹。结果新世界发展博中了。思捷环球(330)则跑输大市,去年股价仅上升7%。就算把8港元的供股价也算进去,依然跑输恒指。

颜子伟: 2012年画上完美句号;2013年开个满堂红,但隐忧就在拐弯处!!


2012年画上完美句号;2013年开个满堂红,但隐忧就在拐弯处!!
文: 颜子伟 (译:麦美莹) 2013年01月04日 展望
新加坡股市以接近3,200点为2012年作结,但投资者心里有数,海峡时报指数迟早会越过这个关卡。我们可以把2012年11月16日作为分水岭,因为在10月初开始出现的调整,维持了1个半月后,在这天结束。之后,海指便扶摇直上,一路走来并没有遇上调整,因此目前为期大约两个月的升势可以与2012年1月及2012年6月的升势媲美。

在2012年1月及6月的两次升势历时两个月,之后的两个月出现横摆,再来就是调整。总的来说,海指总共上升了520.73点或19.67%,从2011年最后一个交易日的2,646.35点上升至2012年最后一个交易日的3,167.08点。

如果我们应用20%升幅才算是步入牛市的标准来衡量,那么在2012年尾,海指还不算是完全进入牛市。然而,海指终于在2013年首个交易日轻松越过了3,200点。

CapitaLand Mulls Over Dim Sum Bond


Singapore imposes more measures to curb property speculation

Singapore imposes more measures to curb property speculation
WRITTEN BY BLOOMBERG  
FRIDAY, 11 JANUARY 2013 20:47

Singapore added more measures to curb speculation on residential and industrial properties after home prices climbed to a record and the value of logistics buildings doubled over the past three years.

The stamp duty for homebuyers will increase as of tomorrow by between 5 percentage points and 7 percentage points, the government said in an e-mailed statement today. Permanent residents will have to pay the additional tax when they buy their first home, while Singaporeans will have the levy starting with their second purchase, according to the statement.

REDtone Excited about 2013


航運股先炒起 掀尋寶潮


航運股先炒起 掀尋寶潮
外貿數據勝預期,航運及相關板塊率先炒起,當中中國遠洋(01919)漲7.25%、中海發展(01138)漲5.99%、中外運(00368)漲2.83%。分析員預期,中資航空、紡織及電子銷售等板塊或為下一波炒作對象。

AMTD證券業務部總經理鄧聲興表示,美國因為感恩節關係,幾乎只有半個月工作天,但依然有良好需求帶動內地出口增長屬一大驚喜,技術上航運股股價近日連番破位,顯示正在轉勢,加上預期今年內地會大興土木,預期運費會持續反彈,特別看好乾散貨航運企業。

中信証券國際執行董事林一鳴看法則較悲觀,認為歐美地區經濟只是「無預期咁衰」,預期歐洲今年首二、三季續零增長,同時美國經濟有機會在大選後回落,因此中長線不看好出口概念股,建議手持航運股可先行沽貨獲利。海通國際環球投資策略董事潘鐵珊亦表示,目前航運股只是炒落後,行業基本因素續處谷底,要改善言之尚早,不建議投資者現價高追。

巴菲特:美銀行現最健康

巴菲特:美銀行現最健康
「股神」巴菲特接受訪問時表示,美國多家大型銀行已重建資本,資產過度擴張問題已大致解決,現時銀行系統狀況是他最近記憶中最好,相信不會對經濟構成威脅。

他表示,相對其他地區,美國銀行系統未見過度集中,並且擁有龐大資本市場優勢,又不排除美銀可能回購他持有的優先股。美國七大銀行中,巴菲特最少投資四家,包括價值140億美元的富國銀行股份、50億美元美銀優先股,以及可買入50億美元高盛股份的認股證。

AIG拒絕反控華府
此外,美國國際集團(AIG)周三召開董事局會議,一致通過不會聯同其他股東,就華府○八年作進行拯救時涉嫌罔顧小股東利益提訴訟,消息指其中一個主要考慮因素是若恩將仇報反控華府,可能影響公司聲譽。行政總裁本穆沙其後向員工發通告,稱今次決定是要讓公司繼續向前看,並非回望過去。

周大福同店銷售減8% 遜預期

周大福同店銷售減8% 遜預期
料第四季未能回暖 單價跌一成
各界憧憬零售市道回暖,但奢侈品暫未受惠,珠寶股龍頭周大福(01929)去年底止第三季業績遜預期,同店銷售按年減少8%。不過,走中低價路綫的化粧品莎莎(00178)銷售持續強勢,第三季銷售按年增18.9%。

黃金周加上聖誕節,第三季向來是珠寶業的傳統旺季。然而,受累內地市場異常疲弱及去年基數偏高,同店銷售由上半財年的減少1.7%,進一步倒退至第三季的減少8%。期內,營業額僅增長4%。

大選後房市大轉變 鄭水興:外國人湧馬置產業


大選後房市大轉變 鄭水興:外國人湧馬置產業

(吉隆坡11日訊)房地產投資專家鄭水興認為,馬來西亞房地產市場將在大選后出現巨大變化,預料外國人會陸續湧進大馬投資,大馬房地產熱點將在2013年大轉彎南移。

 他說,全球化趨勢致使各國政府把經濟重鎮往南開發,世界房地產也將隨著大環境變化而大重組!

 “房地產熱點將在今年大洗牌,即原本冷卻的房產項目將變格升溫,出現“大熱”現象。”

 他認為,我國房產熱浪將重點南移,特別是依斯干達大勢崛起,將是2013年大馬房產吸金熱點。全球化熱浪下的大吉隆坡將在未來3年內成為國際房產投資熱點。

China Property: 2013 Year of the Upgraders


Can BOJ Achieve 2 % Inflation Target?


A Good Year for US Banks: Analyst


More Evidence of Growing Credit Risk in China


Cautious About China's Recovery: Barclays


FOMC會議記錄公布,Fed可能將於2013年結束量化寬鬆(QE)?

2013-0104-57金錢爆(退休中 超危險)4-3

Fifth Year of Bull Market Is Strongest: JPM's Lee


Watch Out for Hard China Landing: SocGen


财华专题:热钱赴港投资中国 A股ETF表现出色


Yen Has Fallen Too Far, Too Fast


Approach Markets With Caution In 2013


Optimism About Growth in China


Friday, January 11, 2013

来自巴菲特、博格尔和佛陀的投资智慧


来自巴菲特、博格尔和佛陀的投资智慧
Paul B. Farrell

没错,新年是分享美好感触的最佳时节,尤其是来自巴菲特(Buffett)、博格尔(Bogle)和佛陀(Buddha)这三位投资智者的感触。

卢米斯(Carol Loomis)在她的新书《踏着舞步去工作:巴菲特人生智慧面面观,1966-2012》(Tap Dancing to Work: Warren on Practically Everything, 1966-2012)中捕捉到了这一点,这本书是给每一位投资者的完美礼物。1966年,卢米斯在《财富》(Fortune)的一篇文章中首次提到当时还不为人知的对冲基金经理巴菲特,此后她一直在写关于巴菲特的文章。在今年的假日季中,她提醒我们注意到巴菲特的心灵深度。

Shipbuilding stocks gain on strong China trade

Shares of Yangzijiang Shipbuilding (Holdings) rose as much as 6.5% on hopes that improving Chinese trade data would translate into more orders in the longer term.

China said on Thursday its exports grew 14.1% in December from a year ago to hit a seven-month peak, handsomely beating market expectations of a 4% rise.

“Shipping related stocks are in play because of the good Chinese trade data. With better trade, shipping could improve, which could in turn benefit the shipbuilders,” said a local trader.

Yangzijiang shares climbed 5.1% to $1.135, while rival Cosco Corp (Singapore) was up 5.1% at $1.035. Both were the third and fourth most actively traded stocks by value.

China Regulator Seeking More Information on HSBC-Ping An Deal

China Regulator Seeking More Information on HSBC-Ping An Deal

China's insurance regulator said it is seeking more information from Ping An Insurance after conducting a preliminary review of HSBC's planned sale of its $9.4 billion stake in the insurer to Thailand's CP Group.

On Wednesday, the South China Morning Post and The Wall Street Journal reported that the China Insurance Regulatory Commission (CIRC) was likely to veto the deal due to a lack of funding.

"The CIRC has received from an application from Ping An Group regarding the stake transfer, conducted a preliminary review according to rules, and notified the company to provide additional materials," the CIRC said in an emailed statement to Reuters on Thursday, without specifying what additional information it was seeking.

Noble Group Approaches Banks for $2 Billion Two-Part Refinancing


Noble Group Approaches Banks for $2 Billion Two-Part Refinancing

Noble Group Ltd. (NOBL), Asia’s biggest publicly listed commodity trader, has approached its relationship banks for a $2 billion two-part loan to refinance debt, according to four people familiar with matter.

The facility will include a $1 billion one-year tranche and two $500 million three-year parts, the people said, asking not to be identified because the details are private. The facility’s all-in pricing is expected to be lower than Noble’s $2.36 billion loan which was completed in 2012, one of the people said.

顶级手套 自动化生产减成本


顶级手套 自动化生产减成本
Created 01/11/2013 - 11:18
目标价:6.25令吉

最新进展

顶级手套(TopGlov,7113,主板工业产品股)在2013财年首季取得强劲盈利,归功于原料价格下跌、美元兑令吉的兑换率稳定,以及持续改善营运效率。

尽管该公司加速提高丁腈手套产量,但管理层有信心天然胶手套市场仍然强劲,以及美国医疗保健需求将在今年继续增长。

物色知名伙伴申请航空执照 亚航冀联营进军印度


物色知名伙伴申请航空执照 亚航冀联营进军印度
Created 01/11/2013 - 10:46
(吉隆坡10日讯)消息指出,亚洲航空(AirAsia,5099,主板贸服股)冀望在印度航空领域分一杯羹,计划与印度公司联营并在当地设立航空公司。

据印度《经济时报》引述两名知情人士报道,亚航正物色机会与印度知名公司联营,以联手设立航空公司,联营公司将在当地申请航空执照。

届时,印度公司将持有联营公司的大部分股权,而亚航则持股49%。

Will REITs continue to rally?

Will REITs continue to rally?
Business & Markets 2013

Written by Insider Asia  
Friday, 11 January 2013 09:38

Real estate investment trusts (REITs) as a whole did well last year amid the external and domestic uncertainties. The sector outperformed the benchmark FBM KLCI — gaining roughly 16% on average — before taking into account the average net yield of 6.7%. Considering the REITs’ comparatively low risks, unit holders should have been very happy with the total returns.

Earnings well buffered, second half to be robust

Earnings well buffered, second half to be robust
Business & Markets 2013

Written by theedgemalaysia.com  
Friday, 11 January 2013 09:40

CONSTRUCTION [] sector
Maintain overweight: We retain our “overweight” on the sector as:

(i) we expect job awards to pick up post-13th general election (GE13) with the Klang Valley Mass Rapid Transit 2-3 (KV MRT2-3) tenders to provide the excitement in the second half,
(ii) construction groups on our “buy” list have strong outstanding order books to sustain their earnings growth in financial year 2013 (FY13); and

REITs a stable security


REITs a stable security
Business & Markets 2013

Written by theedgemalaysia.com  
Friday, 11 January 2013 09:41

Malaysia REITs
Maintain overweight: Real estate investment trusts (REITs) should continue to provide safe refuge amid the tumultuous market expected in an election year. Retail spending should get a boost from the government’s pro-spending measures. This year is a great opportunity for REITs to raise rentals as tenancies expire.

Thai Billionaire Extends F&N Bid as Takeover Deadline


Thai Billionaire Extends F&N Bid as Takeover Deadline

Thai billionaire Charoen Sirivadhanabhakdi extended a S$8.9 billion ($7.3 billion) offer for Singapore’s Fraser & Neave Ltd. to Jan. 15 ahead of a deadline for final bids later this month.

Charoen offered S$8.88 a share for the property and beverages company in September. A group led by Overseas Union Enterprise Ltd. (OUE) on Nov. 15 countered with a S$9.08 per share bid. Both have until Jan. 21 for final offers under Singapore takeover law, said F&N spokeswoman Elaine Lim.

Fraser & Neave shares have traded above both offers in a sign investors expect the bidding war to escalate. Charoen agreed to buy a 22 percent stake in F&N in July, setting off a fight for the company’s soft drink and property assets and prompting the sale of its beer unit to Heineken NV.

AirAsia plans to launch Indian airline

The Star Online > Business
Friday January 11, 2013
AirAsia plans to launch Indian airline

NEW DELHI: AirAsia Bhd plans to launch an Indian airline in partnership with a local promoter, Videocon Group, The Economic Times reported.

Quoting two people close to the development, the newspaper said Asia’s largest budget carrier was exploring options to set up a company that would be majority-owned by an Indian promoter, preferably a well-known business group.

AirAsia would hold 49% in the venture that would apply for an aviation licence, it said.

Golden opportunity for Genting in US


The Star Online > Business
Friday January 11, 2013
Golden opportunity for Genting in US

By WONG WEI-SHEN
weishen.wong@thestar.com.my

PETALING JAYA: Genting Malaysia Bhd may enjoy spillover benefits from New York governor Andrew Cuomo's plan to expand the state's gambling to private casinos.

Given Genting Malaysia's strong financial strength and good track record as the operator of the Aqueduct racino in Queens, New York, it is well-positioned to benefit from the potential gaming liberalisation in the state of New York.

MAHB-YTL may be in talks to form consortium for RM4.8bil bid for Stansted Airport


The Star Online > Business
Friday January 11, 2013
MAHB-YTL may be in talks to form consortium for RM4.8bil bid for Stansted Airport

By B.K. SIDHU and NG BEI SHAN
bksidhu@thestar.com.my

PETALING JAYA: Malaysia Airports Holdings Bhd (MAHB) is believed to be in preliminary talks with YTL Corp Bhd to set up a consortium to bid for the £1bil (RM4.85bil) London third hub known as Stansted Airport.

“MAHB is an airport operator and it needs a construction company to partner it for the bid. This is the same thing that MAHB did for its other airport projects in Hyderabad and New Dehli. Its partner in India is construction group GMR,” said a source.

旺季不旺 珠寶化妝品上季滯銷


旺季不旺 珠寶化妝品上季滯銷
周大福同店增長跌 莎莎聖誕遜預期
2013年1月11日
【明報專訊】本地零售商生意在去年尾的節日旺季連連敗退,昨日公布2012年底止第3財季營運數據的周大福(1929)及莎莎(0178),業績均轉差,周大福由於10月黃金周銷售及內地業務失色,拖累季內同店銷售增長錄得8%跌幅,管理層預期至少要到下一財年方可重拾升軌;一向抗跌力頑強的莎莎,聖誕節銷情遇冷,去年12月單月的同店銷售增長,竟由前8個月平均16%增幅降至7%。

周大福同店銷售跌8%

周大福作為金舖行業龍頭,市場期望本地零售回暖,該公司應可率先反彈,去年11月,本地珠寶首飾、鐘表及名貴禮品銷售已由連續數月的負增長或單位數升幅跳升至13.7%,券商紛紛將周大福的評級調高至「買入」。

投資SUN國度:投資如跑馬拉松 毋須段段快放

投資SUN國度:投資如跑馬拉松 毋須段段快放

矮仔上樓梯是今次升浪中的常見形態,因為實在太多人買牛證,稍有升勢,便要消化一大堆獲利盤,令升勢受阻。昨日雖然突破了近期阻力23,400點,但在23,500點就止步,逐格升得十分辛苦。

暫時看來不會太好或太淡,一方面更多熱炒股份先升後回,多了短線投機客中伏,較難立即又再勢如破竹,另一方面暫時看不出有特別消息,會一下子令走勢大幅逆轉。至於牛證是多,重倉區在22,600點附近實在太遠,殺倉成本不划算,似乎要等好友轉進取,較多人用槓桿更高、23,100點左右回收的牛證出擊的時候,才有較大誘因回馬槍,似乎會先在23,200至23,500點之間上落。

股神:美銀行業已重生


股神:美銀行業已重生

股神巴菲特接受訪問時指,美國多家大型銀行已重建資本,資產過度擴張的問題大致解決,現時銀行系統狀況是他記憶中最好,料不會對經濟構成威脅。

他稱,相對其他地區,美國銀行系統未見過度集中,並且擁有龐大資本市場優勢,不排除美銀可能回購他持有的優先股。美國七大銀行中,巴菲特最少投資四家,包括價值140億美元的富國銀行股份、50億美元美銀優先股,以及可買入50億美元高盛股份的認股證。

AIG拒夥股東告華府

中保監向平保攞資料查刁

中保監向平保攞資料查刁

卜蜂集團向滙控(00005)購入其持有的平保(02318)股權計劃仍未明朗。報道指中保監正就有關交易展開初步審核,並要求平保提交更多補充資料。

多家外國傳媒昨日接獲中保監回覆,指中保監已收到平保有關股權轉讓的申請,並展開初步審核,及要求平保提供額外補充資料,但沒有闡明有關的補充資料內容。早前有報道指出,中保監對卜蜂是否有足夠財力,及卜蜂是否真正買家有所懷疑。

Malaysia Property 2013: Pain First, Gain Later (MIB)


Pain First, Gain Later
Maintain Neutral. The 13GE will continue to dampen sentiment on property stocks in 1H13 but a re-rating should happen post-13GE with the planned roll out of government land developments (GLD) and KV MRT2-3 projects. We advocate investors to avoid property developers with high foreign shareholdings given the potential selldown ahead of the 13GE. Our preference remains on developers with large exposure in township developments – Glomac. We also like UEML for its exposure in the booming Iskandar Malaysia; accumulate on weakness. 2012:

Demand slowing. Stricter lending rules by the central bank have taken its toll on the demand for properties. 9M12 property transaction growth (in value) has slowed down to +11% YoY vs. +29% YoY in 9M11 whilst house price index in major cities started trending down QoQ in 3Q12 (Malaysia: -2%, KL: -3%, Selangor: -2%, Penang: -3%, Johor: -4%). Iskandar Malaysia (IM) was in the spotlight in 2H12 with the completion of few catalytic developments including Legoland and rising foreign investments from Singapore and China.

2013 Outlook & Lookouts Guarded Optimism (MIB)


2013 Outlook & Lookouts
Guarded Optimism

The global economic slowdown in 1Q-3Q 2012 appears to have stabilized in 4Q 2012, as the central banks stepped in to address the situation, beginning with the US Fed’s announcement of QE3 back in Sep 2012 which opened up the floodgate on monetary policy stimulus and easing. We expect global real GDP growth to be a tad better in 2013 (+3.4%) after the slowdown in 2012 (+3.3%) and 2011 (+3.8%).

Alongside improved global macro economic outlook, we expect global liquidity to stay strong in 2013 on continuous ultra-easy monetary policy in the West with interest rates to stay benign and US’ open-ended and expanded QE3 to drive the momentum. Volatility in global equities will nonetheless persist as investors weigh in the impact of excess liquidity against a still-patchy global economy. Asia ex-Japan equities should however continue to outperform due to its higher growth offering.

“To shift to low Betas from high Betas in 1Q13 ahead of GE13” (M&A)


“To shift to low Betas from high Betas in 1Q13 ahead of GE13”


Tiger Airways: Australian regulator expresses concern over Tiger Australia deal (UOBKH)

Tiger Airways:
Price/Tgt: S$0.735/S$0.60
1-Yr Hi/Lo: S$0.86/S$0.615
Australian regulator expresses concern over Tiger Australia deal

What's New
Australian press reports have  quoted the Australian Competition & Consumer Commission (ACCC)  chairman Rod Sims as expressing concern over Tiger's sale of a 60% stake in Tiger Australia to Virgin Australia. While he acknowledged that the deal would be beneficial for the Virgin Australia group to compete with Qantas and Jetstar, he commented that removing Tiger as an independent third player in the Australian market could be "a very complex equation  to weigh up".  The deal would see Virgin ending up with 34% market share vs Qantas' 65%. Virgin currently has a 30% share of the Australian domestic

Lippo Malls Indonesia Retail Trust: LT pipeline from Lippo Karawaci (OCBC)


Lippo Malls Indonesia Retail Trust:
Fair value    S$0.52
add: 12m dividend forecast S$0.033
versus: Current price  S$0.500

LT pipeline from Lippo Karawaci
• Completed acquisitions through IPT
• Lippo Karawaci provides pipeline
• Maintain BUY

According to a Bloomberg article dated 21 Dec 2012, PT Lippo Karawaci, Indonesia’s largest listed property company and LMIRT’s sponsor, will have finished building about half of the 15 new malls it has planned for by 2015, in cities such as Semarang in north Java, Denpasar in Bali and Manado in north Sulawesi province.

Technology 2013 Outlook: Backend loaded recovery (DBSV)

Technology
2013 Outlook
Backend loaded recovery

• Limited visibility drag on near-term outlook
• Rebound likely in 2H13 on sustained economic recovery, healthy stock channels
• Expect tech stocks to remain laggards in early months of 2013 but stocks with attractive dividend to hold up better

Outlook
Caution, low visibility to persist in near term. In addition to the lull season and some pockets of clogged inventory channels for components of selected smartphones and weak PC sales, tech OEMs have largely been cautious, leading to more conservative order outlook and poor visibility for suppliers. Hence, we believe 4Q12 and 1H13 will be lacklustre with flat-to-modest revenue improvement and flat-to-lower margins as a result of negative operating leverage.

Offshore & Marine / China Yards 2013 Outlook:Offshore remains robust (DBSV)


Offshore & Marine /China Yards
2013 Outlook

• Favourable rig newbuild economics bodes well for rigbuilders
• Shipbuilders face sluggish order flow, depressed newbuild prices and heightened deferment/default risk
• Financing constraints, decline in oil prices, keener competition and weaker than expected margins are key risks to the sector
• Prefer rigbuilders to China yards; top pick is Keppel Corp. Downgrade Sembcorp Industries to Hold in view of limited upside.

Singapore REITs 2013 Outlook: Refocus on growth (DBSV)

Singapore REITs 2013 Outlook:
Refocus on growth

• S-REITs sector is fairly valued but ample liquidity should sustain interest
• Acquisitions a likely theme for 2013; up to S$5.7bn in assets could be purchased
• Focus on S-REITs with acquisition potential: MLT, MCT and FEHT

S-REIT sector is fairly valued, but abundant liquidity should sustain interest in the sector. After a year of yield compression led outperformance, the S-REIT sector now trades at a weighted average FY13F yield of 5.8% and a P/BV of 1.17x.

Hi-P to halve its expansion plan in view of challenging business conditions (DMG)


Hi-P to halve its expansion plan in view of challenging business conditions
The news: Hi-P (SELL, TP S$0.59) announced last night that it had decided to reduce and pace out its high-stake bet in building  up a new plant in Nantong, China, citing increasing challenging business conditions and environment.

Instead of completing the entire Phase 1 Development of approximately 190,000 sq m by the second quarter of 2013, the group now intends to reduce the size of the Phase 1 Development by about 50% to approximately 100,000 sq m.

Furthermore, the construction is intended to be carried out over the next few years, with only approximately 50,000 sq m being targeted for completion by the end of 2013. Effectively, the group now aims to halve the original aggressive investment plan of S$300m to S$150m and spread it over a much longer period of time.

摩通拉響散水警報


摩通拉響散水警報

港股昨日忽然「腳軟」!恒生指數曾最多漲259點,再創十九個月新高,但有基金「封頂食胡」,透過中移(00941)等重磅股,力托指數「派貨」,恒指最終「升少截」,全日僅漲135點,收報23,354點,太陽能及內房等多個強勢股或當炒板塊「高台跳水」。摩根大通發表報告,新興股票市場已現六大超買「警號」,對短期市況不安,建議趁升市減持風險資產。

恒指昨日高開21點後,最多漲逾二百點,正當投資者以為再度有突破之際,市況突然回軟,國企指數走勢相若,昨日一度重越12,000點關,最多漲194點,然而全日漲幅縮窄至113點,收報11,931點,港股總成交增至931億元。沽空金額增加近兩成五至66.63億元,沽空比率反彈至7.18%。

安倍豪賭弱日圓 全球付代價


安倍豪賭弱日圓 全球付代價
欄名:社評

日本首相安倍晉三逼央行推弱日圓政策救經濟,令日圓兌美元跌至近兩年半低位。且炒家乘勢玩套息交易多踩一腳,日圓年內料將跌至100日圓兌1美元。惟日圓愈弱,環球經濟風險亦愈高,安倍豪賭弱日圓,全球無奈陪玩。

逼央行印鈔 一箭三鵰救經濟

自安倍去年9月底問鼎首相後,日圓滙價已累跌12%,昨更跌至1美元兌88.34日圓的近兩年半低位,底因是安倍推弱日圓政策,前天更硬壓日本央行落實2%通脹目標,將無限印鈔、推低日圓行動合理化,圖一箭三鵰振經濟。

港股19月高 滙豐估今年更牛

券商調整內險目標價
港股19月高 滙豐估今年更牛
全年升幅料雙位數 藍籌外圍造好
滙豐樂觀認為環球已步入牛市,預期港股今年繼續有雙位數增長,表現更勝去年。內地昨公布出口數據勝預期(詳見A4版報道——「內地上月出口 增14%超預期」),港股亢奮,升見19個月高位,成交達900億元,半個月以來最勁,資金再炒本地地產股,恒指下一關看23708點。

狂開分店惡果終浮現 周大福唱淡 同店銷售再跌


狂開分店惡果終浮現 周大福唱淡 同店銷售再跌

【本報訊】近期珠寶股復蘇概念熱炒,龍頭周大福(1929)卻公佈了一份差過市場預期、兼跑輸同業的第三季度(10月至12月)營運數據,整體同店銷售按年跌8%,相較同期已回復增長的周生生(116)及六福(590),顯得斯人獨憔悴。周大福管理層預期,同店銷售仍要「跌多一季」,分析員形容這是集團前年勁開分店谷上市後的結果。
記者:吳綺慧

德銀原本預期,周大福第三季整體同店銷售可恢復至持平水準,看法較淡的花旗則估跌7%。周大福在過去兩個月由於炒銷售復蘇,股價已累升了30%,有分析員相信其股價今日將難逃一跌,甚至「陀衰家」,拖累整個珠寶股板塊表現。

Poh Kong set to sparkle


Poh Kong set to sparkle
By June Ramlee
june@nstp.com.my
2013/01/11

A ROSY outlook awaits Poh Kong Holdings Bhd this year as the jeweller expects to maintain its market share and expand its reach in the country.

Poh Kong marketing manager Elizabeth Choon said, for a start, the company plans to increase its reach nationwide with the opening of new outlets from the current 103 that it has in Peninsular Malaysia.

"We opened an online store at Rakuten on November 1 and, soon, we plan to have outlets in Kipmart Senawang and Wangsa Walk. For this year, by the first quarter we plan to open more stores in Giant USJ and Pandan Kapital.

Rising costs worry oil palm planters

Rising costs worry oil palm planters

2013/01/11

RED ZONE: The minimum wage law, which took effect on January 1, is meant to incentivise corporate Malaysia to be less reliant on cheap labour. However, the Malayan Agricultural Producers Association tells Ooi Tee Ching that planters could suffer profit erosion while consumers would face higher food bills if palm oil prices were to fall below RM2,000 a tonne
OIL palm planters, including smallholders, will bleed red ink if palm oil prices were to dip below RM2,000 per tonne, said Malayan Agricultural Producers Association (Mapa).

Following the introduction of the monthly RM900 minimum wage in Peninsular Malaysia, palm oil production costs have gone up to between RM1,200 and RM1,900 per tonne.

財智語陸:航運股落鑊未升夠

財智語陸:航運股落鑊未升夠 - 陳永陸

美國鋁業業績理想,推動美股回升,亦為美國第一季度業績期,打下了一支強心針。事實上,去年下半年聯儲局推出了兩次貨幣措施刺激經濟,相信美國企業亦可因而受惠,尤其是不少利好因素應該會在去年第四季及今年首季反映,故此短期美國企業的成績表,表現應該不會太差,故當市場焦點從宏觀經濟數據轉向美股業績,美股走勢仍可望靠穩。

昨日內地公佈了不少經濟數據,其中中國海關總署公佈去年12月中國進出口規模創歷史新高,當月進出口總值增長10.2%,其中出口及進口分別增長14.1%及6%,遠高於市場預期的6%及3%,數據反映中國的出口業,可能已隨着美國經濟復蘇而回復起色,但情況是否可持續,相信要到次季才可看到端倪。

曾淵滄專欄 11.01.13:國策股齋炒作傳聞


曾淵滄專欄:國策股齋炒作傳聞 - 曾淵滄

中國證監會決定以「史上最嚴」的尺度為新股上市把關,這是好事,過去幾年,A股不斷下跌的其中一個原因,正是因為A股上市新股太多太濫,不但在市面吸走大量資金,同時也為市場增加許多垃圾股,嚴格把關會損害交易所的收入,但如果因此而能令股市復活,推高成交與股價,交易所的收入會不減反增。目前排隊等待上市的A股已接近900隻,中證監的嚴審,可以令部份企業跑到香港或新加坡上市,本港證監也應該好好地把關,不要讓大量垃圾股來香港。

青衣的前「置安心」計劃,及免補地價買二手居屋的白表申請者眾多,但是,我估計不少申請者是抱着不妨一試的心態申請,將來申請中籤後不一定真的很有興趣購買,因此,我認為抽籤的名額至少得加多三倍,多出來的列為後補,中籤者在一定的時間內若沒有運用其購買權,後補就依次頂上。

借力楊忠禮機構 機場控股聯投英機場勝算增


借力楊忠禮機構 機場控股聯投英機場勝算增

(吉隆坡10日訊)借力使力,大馬機場控股(AIRPORT,5014,主要板貿易)和楊忠禮機構(YTL,4677,主要板建築)50億令吉聯合投標英國斯坦斯特德機場(Stansted Airport)獲看好;馬銀行投資銀行指出,前者無力自行投標。

 馬銀行投資銀行今日在一份報告中指出:“我們認為,大馬機場控股沒有能力自行收購斯坦斯特德機場,根據報導的10億英鎊(約48.6億令吉)收購價格已經向等于該公司市值的70%。”

 該行指出,兩者合組財團有助收購,楊忠禮機構最可能成為“資產擁有人”,大馬機場控股也可以扮演管理和營運的角色。

產業銷售成長料加快‧大選是最大風險


產業銷售成長料加快‧大選是最大風險
Created 01/09/2013 - 17:30
(吉隆坡9日訊)大馬產業市場擺脫低迷,在人口和經濟成長雙面引導下,逐步走向復甦之路,分析員看好今年產業領域銷售成長步伐將進一步加快,但全國大選將是領域獲重新評級的最大風險。

興業研究表示,人口成長週期和全年國內生產總值(GDP)料成長5.4%兩大指標下,預計今年產業領域增勢將更為強勁,特別是從年中開始,而流動性不斷湧入也有望進一步烘托買氣。

“基於1994年年屆15至64歲的人口成長強勁(數據遲滯19/20年),我們估計2013年平均住宅產業價格將反彈6.2%,比2012年的0.8%為快,主要是中年群體將傾向成家立業,而年輕族群則以消費為重。"

UEML crystallising land value at Puteri Harbour


UEML crystallising land value at Puteri Harbour
In The Edge Financial Daily Today 2013
Written by theedgemalaysia.com  
Thursday, 10 January 2013 13:07

UEM Land Holdings Bhd
(Jan 9, RM2.12)
Maintain hold at RM2.14 with a revised target price of RM2.21 (from RM2.25): There were no surprises in UEML’s latest land sale in Puteri Harbour, Johor. The sale of the 44 acres (17.8ha) is expected to generate a disposal gain of RM241 million (5.6 sen per share).

A Return to Equities in 2013: Deutsche Bank


Still Bullish on China: Pro


正大收购平安资金来源或生变


林毅夫:中国将继续维持高速增长


日本考虑增加干亿美元预算刺激经济


汇金单季增持工行逾2亿股 为史上第二大力度


Sachs: We Should Have Gone Over the Fiscal Cliff


Checking Up on China's Comeback: Poised for 2013


美“债务上限”谈判 到底有多么重要?


Time to Bet Against the US Dollar?


Biggest Market Risks for 2013


Thursday, January 10, 2013

售地集資唱好‧UEM置地財測上調


售地集資唱好‧UEM置地財測上調
Created 01/10/2013 - 11:11
(吉隆坡9日訊)UEM置地(UEMLAND,5148,主板產業組)以4億令吉脫售努沙再也43.638英畝土地於4位本地知名富豪合組的聯營公司,分析員直指消息不讓人意外,因該公司早已暗示有意賣地籌集發展資金,以集中火力發展公主港地庫,而且能藉此引進新夥伴加速發展該區。

MIDF研究對上述消息看法正面,表示UEM置地可將賣地資金轉向來臨發展項目,或收購其他更關鍵地庫,估計賣地計劃替2013財政年貢獻1億8千萬令吉淨利。

馬銀行研究說,UEM置地今次售地價為每平方呎210令吉80仙,比較同地區過往土地交易價格介於每平方呎170至220令吉,賣地價頗為誘人,上調2013和2014財政年盈利預測22%和4%,反映更多策略性售地活動預期。

傳大馬機場與楊忠禮機構聯手‧50億競標倫敦機場

傳大馬機場與楊忠禮機構聯手‧50億競標倫敦機場
Created 01/10/2013 - 17:31
(吉隆坡10日訊)大馬機場(AIRPORT,5014,主板貿服組)與楊忠禮機構(YTL,4677,主板貿服組),聯手以10億英鎊(50億令吉)競標倫敦東北部的斯坦斯特德(Stansted)機場,大馬銀行研究認為若競標成功,楊忠禮機構會發展該機場地段,而大馬機場則負責機場營運與管理角色。

馬銀行研究說,雙造組成的財團以上述價格競標屬合理,10億英鎊屬企業價值,亦是歷史股價對賬面值的一倍;其EV/EBITDA估值法(企業價值與利息、稅項、折舊及攤銷前盈利的比率,或稱企業價值倍數)為11.5倍,相比大馬機場以10.8倍交易。

該行說,大馬機場無力獨自競標,主要是其資產負債的局限,10億英鎊為大馬機場市值的70%。

換新技術減薪金制衝擊‧頂級手套或“因禍得福"


換新技術減薪金制衝擊‧頂級手套或“因禍得福"
Created 01/10/2013 - 11:18
(吉隆坡9日訊)頂級手套(TOPGLOV,7113,主板工業產品組)在今年1月1日實行的最低薪金制中,短期里將面對新不明朗因素,惟長期而言,則逼使該公司以新技術淘汱舊技術,並專注提昇生產效率,可能因此“因禍得福"。

聯昌研究指出,為應付最低薪金制問題,該公司提高研究與開發開支(每年3千300萬令吉),推動工廠自動化及電腦化,預料可在今年中全面落實自動化操作。

聯昌認為,若是沒有將額外勞力成本轉嫁,目前最低薪金制將使淨利侵蝕7%。不過,長期而言,該制度對行業有利,因將逼使膠手套業者淘汱陳舊技術,採取新技術及專注生產效率。

双威 乐高合约已纳预测

双威 乐高合约已纳预测
Created 01/09/2013 - 11:20
【目标价:2.90令吉】

最新进展:

双威(Sunway,5211,主板产业股)向马交所报备,获得IDR资产私人有限公司释出总值4499万令吉的建筑合约。

根据合约,双威建筑将负责IDR资产旗下乐高(LEGOLAND)水上主题乐园配套11的设计和建筑工程,估计需要9个月完成上述工程。

云顶香港持股50% 挪威邮轮申请上市


云顶香港持股50% 挪威邮轮申请上市
Created 01/10/2013 - 12:02
(吉隆坡9日讯)云顶香港持有50%股权的挪威邮轮(Norwegian Cruise Line Holdings),再度在美国申请上市。

不过,分析员认为,指此举不会对云顶马来西亚(GenM,4715,主板贸服股)带来任何影响,因该股权仅属投资性质。

挪威邮轮昨日再度在美国呈交上市那斯达克全球特选市场的首次公开募股(IPO)计划,冀筹资最高达4亿2400万美元(约12亿9023万令吉)来偿还债务。

国油颁合约船租率改善 油气领域蓄势待发


国油颁合约船租率改善 油气领域蓄势待发
Created 01/10/2013 - 12:23
(吉隆坡9日讯)国油勘探私人有限公司似乎已启动首波的岸外支援船(OSV)合约颁发活动,加上每日租船费率(DCR)改善,本地油气领域的未来展望因而看俏。

马银行投资银行分析员说:“我们已开始看到新OSV合约的授权活动,而且每日租船费率比预期中高,合约期限也比较长。”

他深信,随着国油勘探未来数月会宣布更多新合约,本地OSV业者的股价表现预料会受激励。

Passenger, freight traffic improves


The Star Online > Business
Thursday January 10, 2013
Passenger, freight traffic improves

PETALING JAYA: The latest traffic results for November 2012 released by the International Air Transport Association (IATA) showed an improvement in both passenger and air freight demand.

In a statement yesterday, IATA said air travel in November was 4.6% higher compared with a year ago. Air freight volumes rose 1.6% over the same period after declining 2.6% in October, year to year. Passenger capacity rose 3.2% and load factor improved one percentage point to 77.3% compared to the year-ago period.

How Big Is Wall Street's Housing Bet? Pretty Big


How Big Is Wall Street's Housing Bet? Pretty Big

Wall Street is hitching its bullish hopes for 2013 to an unlikely star, believing that a real estate industry that led the economy into the abyss is what ultimately will carry it back out.

While hopes that housing is about to turn a corner aren't entirely new, the extent to which optimistic stock market forecasts are pinned on the mercurial sector is striking.

"We're seeing much more evidence of a meaningful recovery in housing," said Joe LaVorgna, chief U.S. economist at Deutsche Bank. "The (household) balance sheet is better, the housing sector is better, we're seeing better motor vehicle sales. The cyclical side of the economy, which had looked very weak coming out of the last downturn, looks almost like (it could lead the recovery)."

The real interest rate risk


The real interest rate risk
by Zhang Monan 04:45 AM Jan 10, 2013Since 2007, the financial crisis has pushed the world into an era of low, if not near-zero, interest rates and quantitative easing, as most developed countries seek to reduce debt pressure and perpetuate fragile payment cycles.

Despite talk of easy money as the "new normal", there is a strong risk that real (inflation-adjusted) interest rates will rise in the next decade.

Total capital assets of central banks worldwide amount to US$18 trillion (S$22 trillion), or 19 per cent of global GDP, twice the level of 10 years ago. This gives them plenty of ammunition to guide market interest rates lower as they combat the weakest recovery since the Great Depression.

Market Insight:建行估值唔算貴

內銀長期被睇低
瑞銀出報告唱好一藍子內銀股,當中又以三大行最睇好,理由包括建設銀行(00939)及工商銀行(01398)擁有具規模嘅零售銀行業務、較強的資本實力及充裕的減值緩衝;至於中國銀行(03988),其低基數財資管理業務,預期有較大發展空間之外,更重要是估值夠平。

有較長股齡嘅股民可能有印象,三大行分別在○五至○六年間招股上市,當年招股價建行2.35元、工行3.07元、中行2.95元。君可見,經過六、七年時間,只得較早上市的建行股價能夠翻一番,工行及中行至今只有約八成及兩成升幅,計及期內收取的股息,按年複合升幅其實不算太多。原因一來是當年中資股熱,內銀股以較高估值上市,不過,更大的原因,是中國近年經濟增長放緩,○九年4萬億元(人民幣‧下同)基建,地方政府資金鏈斷裂問題浮面,投資者對內銀帳目的不信任,擔心長時間偏低的不良貸款比重難以持續,自行於估算上加上悲觀的減值可能性,形成一一及一二年,內銀估值由一個極端走到另一個極端。

內c理財兩年後大鑊


內銀理財兩年後大鑊

內地理財產品隱藏風險的憂慮仍未消,雖然瑞銀認為內銀股股價短期有上升空間,但指理財產品的風險或於一五年令內銀H股出現達3,000億元(人民幣.下同)的資金缺口,使其股價最多有31%潛在跌幅。

瑞銀最近調高七隻內銀H股目標價,認為由於內地理財產品在結構上有缺陷,銷售代理亦出現問題,長遠而言對內銀股態度謹慎。估計內地高達3萬億元的貸款擔保理財產品,在去年第三季已令內銀的淨利息收益率及一級資本充足率,分別上升6點子及68點子,若有關產品出現問題,將帶來信貸緊縮風險。

中國經濟 今年難V彈 滙豐:基建帶動增長

中國經濟 今年難V彈 滙豐:基建帶動增長
【本報訊】中國將於下周五公佈2012年國內生產總值(GDP)表現,市場預期將錄得自2000年以來最低速增長,只有約7.7%。若按季度計算,中國經濟於去年第四季已從谷底反彈,市場料去年第四季按年升幅將加速至7.8%,擺脫去年第三季錄得三年半以來季度最慢增幅(約7.4%),料今年中國經濟不會呈V型反彈,惟增速會較溫和。 記者:周燕芬

分析普遍相信,新一輪升浪將以基建投資、房地產投資、消費、工業利潤增加以至出口所帶動。法國巴黎証券(亞洲)首席經濟師陳興動認為,重建存貨及投資為推動這次經濟復蘇主要因素,當中投資仍然是最有效方法刺激中國經濟增長。他預期未來數月固定投資仍會持續增長,因為新項目開始啟動,以及候任總理李克強一再強調城鎮化將是未來數年主要增長動力。

投資者狂掟貨 美債息飆 低息年代恐終結


投資者狂掟貨 美債息飆 低息年代恐終結
【本報綜合報道】自從美國暫時避過財政懸崖問題,投資者迅即將資金調離國債等避險資產,令美國10年期國債孳息大幅抽升,今年首10天便升了16點子至近日高位1.91厘。分析預期,經濟向好、儲局可能年底就結束買債計劃,及預測提早加息,令投資者拋售國債,料債息今年繼續上揚,10年期債息或在年內升至3厘,預言低息年代即將終結。

美國10年期債息在上周四升至近日高位的1.91厘後連跌三天,昨日曾見1.86厘,較去年7月底1.38厘的歷史低位反彈48點子。30年期債息從低位反彈不少,昨曾見3.06厘。

去年已有不少分析認為,債市泡沫將於年內爆破。美國國會當時仍未就財政懸崖有共識,市場仍將資產留在債市避險。追蹤資金流向的EPFR數據顯示,去年投資者向債市投入900億美元,並由股市抽走1500億美元。

板塊尋寶:運費有得加 吼東方海外 - 王昇

板塊尋寶:運費有得加 吼東方海外 - 王昇

大市升幅僅百點,但只要揀中好板塊,唔會執得少。嫌光伏股炒得過火,不妨留意航運股,利好消息陸續有來。反映乾散貨運費的波羅的海指數年初見底回勇,連升5日累升逾5%。指數一向大上大落,上月跌35%,至700點築底回升;去年9月同樣在700點附近見底反彈,相信最壞時刻已經過去。

集裝箱運費走勢同樣有築底迹象。內地最權威的上海航運指數,出口集裝箱運價綜合指數(CCFI)上月中於1101見底,至今回升至1110水平。部份航線如美國及歐洲線,升幅超過2%以上。

挪威邮轮上市带动 云顶 云顶香港齐涨


(香港9日讯)受到旗下子公司--挪威邮轮公司(NCL)有意进行首次公开发售(IPO)的消息带动,云顶(GENTING,3182,主板贸服股)与云顶香港股价今日双双应声上扬。

云顶香港子公司,挪威邮轮有意在美国那斯达克交易所上市,计划筹资4亿2400万美元(约12亿7701万令吉)。

挪威邮轮建议发售2350万股,发售价估计介於16美元至18美元之间。

大马交易所上市的云顶,週三全天扬升10仙至9.80令吉;在香港证券交易所上市的云顶香港,则涨0.2港元,至3.05港元。云顶香港今日走势凌厉,最高曾做到3.15港元,是2011年8月5日以来的新高水平。

估值溢价 财报疲弱 投资者宜选择性锁定获益


估值溢价 财报疲弱 投资者宜选择性锁定获益
Created 01/09/2013 - 08:06
(吉隆坡8日讯)分析员指马股今年面临大选未定政治不确定性、估值溢价和企业盈利增长疲弱的挑战,建议投资者宜采“选择性锁定获益”投资策略。

黄氏星展唯高达研究(Hwang DBS Vickers Research)分析员表示,马股短期内将取决于第13届全国大选,尚未公布国会解散及投票日前,市场看来将一直维持谨慎。

“回顾过去6个大选年,富时隆综指在国会解散前都落后或低于大市、走势飘忽而方向不明确。”

Wilmar International: Ride the rebound (DBSV)


Wilmar International
BUY S$3.34
Price Target : 12 months S$ 3.65
Ride the rebound

• Wilmar’s FY13 earnings is expected to jump 22% on both refining margin and capacity expansions
• China crush margin still weak, but stabilising. We expect margin expansion in 2H13
• Wilmar may eye more sugar asset acquisitions in FY13F
• BUY call reiterated for c.10% total return

Back from the brink. Having posted 1Q12 and 2Q12 losses in Oilseeds & Grains M&P segment; Wilmar’s earnings had rebounded strongly in 3Q12 from a reversal in China crush margins and better-than-expected contributions from Sugar, Plantations and Consumer segments.

Religare Health Trust: Still a bargain at 9% yield (DBSV)

Religare Health Trust
BUY S$0.89
Price Target : 12-Month S$ 0.97
Still a bargain at 9% yield

• Retain BUY with TP of S$0.97 and 9% yield
• Exposure to fast growing Indian healthcare sector (15% CAGR), backed by Fortis
• 96% of assets are operational; distribution income hedged till FY14F, providing assurance in meeting DPU forecasts
• Confidence building up as management delivers, particularly with the announcement of its maiden distribution at end FY13

BUY for 9% yield and 10% upside to S$0.97 TP. We retain Religare Health Trust (RHT) with BUY, TP of S$0.97 despite a relative good performance (11% appreciation) since our initiation on 28 Nov, 2012.

Noble Group: Expect strong 2013 (DBSV)


Noble Group
BUY S$1.20
Price Target : 12-Month S$ 1.50
Expect strong 2013

• Normalisation of margins, after tough 18 months, on better macro backdrop
• Boost from cash receipts, upside of 2-5% to our FY13-14F earnings
• Positioned for re-rating, trading 20-23% below historical average PE and PBV
• BUY recommendation, TP S$1.50.

Margins to normalise. Noble’s margins have under pressure over the last 18 months due to the slowdown in the global economy and volatility in commodity prices. In particular, Agriculture and MMO (Metals, Minerals & Ores) gross profit/MT is forecast to drop to US$6.5 and US$3.3 in FY12F from the historical average (FY06-11) of US$16.9 and US$5.4.

Neptune Orient Lines: Potential to outperform (DBSV)

Neptune Orient Lines
BUY S$1.175
Price Target : 12-month S$ 1.45 (Prev S$ 1.45)
Potential to outperform

• NOL’s earnings are likely to benefit from better industry discipline and lower cost base in FY13
• Rising confidence in global markets should lead to re-rating of cyclical sector stocks
• NOL has been a laggard stock in 2012; upgrade to BUY with higher TP of S$1.45

Towards a better cost base. Given the lack of control on freight rates, NOL has been focusing on its cost cutting strategy since the beginning of 2012. It has so far been on track to achieving its US$500m cost reduction target in FY12, aided by its fleet renewal strategy and other initiatives.

Mapletree Commercial Trust: Significant pipeline to tap (DBSV)


Mapletree Commercial Trust
BUY S$1.22
Price Target : 12-Month S$ 1.35
Significant pipeline to tap

• Organic growth robust with VivoCity and ARC continuing to deliver postively
• Significant pipeline from sponsor a key attraction
• BUY, TPS$1.35

VivoCity and ARC to see improved operating metrics. MCT is expected to continue delivering sustained growth in the coming year, driven by positive rental reversions at VivoCity and improving precommitments at ARC (75.9% vs 60% a quarter ago).

Hutchison Port Holdings Trust: Prospects holding up (DBSV)

Hutchison Port Holdings Trust
BUY US$0.80
Price Target : 12-Month US$ 0.88
Prospects holding up

• Market share gains and transhipment volumes prop up operating numbers in FY12
• Expect steady mid-single digit growth in FY13/14 to support the high yield story
• Re-rating potential from improving market sentiments in the near term
• Maintain BUY with S$0.88 TP

Port volumes hold up well. Operating data at Yantian Port has been better than expected YTD in FY12, with volumes up 4.6% yo- y. Though this is partly driven by transhipment volumes, the encouraging trend of market share gains over Western Shenzhen ports continued throughout the year.

Far East Hospitality Trust : The one to be reckoned with (DBSV)


Far East Hospitality Trust
BUY S$1.00
Price Target : 12-Month S$ 1.09
The one to be reckoned with

•Pure play into Singapore Hospitality sector with an industry leading position
• Reputable sponsor with a visible pipeline
• Near-term acquisitions catalyst, BUY, TP S$1.09

An industry leader with attractive earnings growth potential. Far East Hospitality Trust (Far East H-Trust) offers investors exciting exposure to Singapore’s growing hospitality sector. A sizeable initial portfolio of 11 hotels and serviced residences, with 2,531 room/ unit keys valued at close to S$2.1bn, will make the trust one of the largest single owner of hotels and serviced residences in Singapore.

China Merchants Hldgs: Good yield with acquisitions driven earnings growth (DBSV)

China Merchants Hldgs (Pacific)
BUY S$0.785
Price Target : 12-Month S$ 1.20
Good yield with acquisitions driven earnings growth

CMP has acquired 3 quality expressways in the last 18 months and has transformed into a quality, China pure expressway play
• More acquisitions could be on the way as the Group scales up and builds its track record
• CMP commitment to pay at least S 5.5cts annual dividend provides firm dividend yield of c. 7%
• Maintain BUY, with TP of S$1.20

CapitaMalls Asia: Moving to a stronger earnings trajectory (DBSV)


CapitaMalls Asia
BUY S$1.99
Price Target : 0 S$ 2.29 (Prev S$ 2.15)
Moving to a stronger earnings trajectory

Pan Asian retail proxy play. CMA offers investors exposure to the robust consumption trend in China, with retail sales expected to grow at a double digit pace. Tenant sales in the China’s Tier 2 city malls are expanding at a rapid14% y-o-y with shopper traffic increasing by 9.4%. At the same time, its malls in Singapore and Malaysia have displayed relatively steady operating metrics.

Shipping: Another year to forget? (CIMB)

Another year to forget?
Shipping will continue to face serious challenges in 2013, in our opinion, due to uninspiring demand relative to robust vessel supply growth. We think average dry bulk and tanker rates will fall in 2013 and container carriers will find it more difficult to push up spot rates.

 We stay Neutral on shipping overall. We prefer companies with strong balance sheets, which would help weather the crisis. OOIL and SITC, both Outperforms, are our top picks.

曾淵滄專欄 10.01.13:落後股瘋炒要小心


曾淵滄專欄:落後股瘋炒要小心 - 曾淵滄

市場傳出一些不利於泰國正大集團向國開行借錢買平保(2318)的消息,但是平保昨日午後竟然反跌為升,到底平保的買賣遭調查之事是真還是假?

如果真受調查而最後交易取消,唯一受損的是泰國正大集團,因為平保股價已經在滙控(005)出售之後大幅上升,滙控不會有絲毫損失,反而可能在將來以更高價賣掉平保,現在市場資金多得很,不怕沒買家。

政府推出BSD(買家印花稅)之後,我對樓市走向不看好,但又看好本地地產股,這是不是矛盾?沒有矛盾,本地地產股手上的土地成本相當低,就算一手樓價下跌,只要跌幅不超過10%,地產商的利潤絕對不會受影響。

Container shippers likely profitable in 1Q13: UOB-KayHian

Container shippers likely profitable in 1Q13: UOB-KayHian

1Q13 is very likely to be profitable for the container shipping sector after 1Q12’s huge losses, UOB KayHian says, noting Asia-Europe and trans-Pacific rates are now above break-even levels and cargo volume will recover in February-March on the Lunar New Year effect.

“Carriers managed to push through rate increases at the beginning of the year given good capacity discipline and the come-back of cargo volume, and there will be another round of rate increases in mid-January.”

It expects the supply-demand equilibrium to be healthier in 2013-15 as self-discipline strengthens over time.

Japan economy to recover slowly in 2013, underpinned by 'Abenomics'


Japan economy to recover slowly in 2013, underpinned by 'Abenomics'
Business & Markets 2013
Written by Reuters  
Wednesday, 09 January 2013 15:40

TOKYO (Jan 9): The Japanese economy is expected to recover a little in 2013 if Prime Minister Shinzo Abe's policies of massive fiscal spending, aggressive monetary easing, and a weaker yen produce the momentum needed to lift Japan from stubborn deflation.

Analysts say recovery in the first half of 2013 may also be boosted by a pickup in the world economy, and could then accelerate later in the year as consumers rush to buy before a sales tax hike planned for April 2014.

美房貸利率看升‧房市打冷顫


美房貸利率看升‧房市打冷顫
Created 01/08/2013 - 18:34
(美國‧紐約8日訊)拜聯儲局操作量化寬鬆(QE)壓低房貸利率所賜,美國房市得以自谷底翻身,但隨著財政懸崖警報解除,聯儲局暗示購債計劃於今年內收手,房貸利率有回升之勢,恐阻礙房市的復甦腳步。

美國房貸巨頭房利美(Fannie Mae)發行票息3%的抵押債券,向為放貸業者替新貸款定價時的指標,上週五盤中下滑至103.7美分,挫跌到去年9月12日(聯儲局宣佈QE3前一天)來的最低點,最後周線收在104.2美分,殖利率揚升到2.02%。

9970 万新山购地 实康进军产业发展


9970 万新山购地 实康进军产业发展
Created 01/09/2013 - 11:37
(吉隆坡8日讯)实康(Salcon,8567,主板贸服股)以9970万令吉购入柔佛新山土地,借此把业务多元化至房地产发展领域。

实康向马交所报备,旗下持股50.01%的房地产发展子公司———NusantaraMegajuta私人有限公司,在购入上述拥有99年有期地契、总面积为12.7英亩的商用地后,将用于发展成涵盖住宅和商业的综合发展计划,初步命名为JB Festival广场与服务公寓。

此计划的发展总值达11亿6000万令吉,预期将带来2亿3400万令吉的总盈利。

4大富豪聯手‧4億努沙再也購地

4大富豪聯手‧4億努沙再也購地
Created 01/09/2013 - 11:08
(吉隆坡8日訊)丹斯里李愛賢、丹斯里劉錦坤等四大富豪合組聯營公司,斥資4億零79萬5千687令吉,向UEM置地(UEMLAND,5148,主板產業組)收購努沙再也的43.638英畝土地。

UEM置地所發文告顯示,該聯營公司分別以2億1千115萬4千356令吉和1億8千964萬1千331令吉,買下努沙再也公主港的北部商業地段。

土地買主為Liberty Bridge私人有限公司,除了吉隆坡甲洞(KLK,2445,主板種植組)大股東李愛賢和馬化控股(MPHB,3859,主板貿服組)大股東劉錦坤,其餘兩大股東包括大華繼顯董事經理黃一超,以及置地通用(L&G,3174,主板產業組)創辦人丹斯里旺阿茲米。

上半年動盪‧下半年反彈‧馬股走勢料兩極化


上半年動盪‧下半年反彈‧馬股走勢料兩極化
Created 01/09/2013 - 08:25
(吉隆坡8日訊)聯昌研究“公司日"吸引各界人士共襄盛舉,從各層面剖析大馬2013年前景,其中全國大選話題搶盡風頭,分析員認為,雖然市場普遍預期國陣有望贏得大選,但選舉不明朗氛圍將導致國內呈現兩極情況發展,首半年受選舉關係可能陷入動盪,但下半年情況將有所復甦。

聯昌研究在日前舉行“公司日"成功吸引近100家投資企業逾400位投資者參與,更有多達15家公司和5位嘉賓主講人參與其盛,從風水、政治等層面剖析大馬2013年前景,其中第十三屆全國大選最引人矚目。

Olam cut to sell by UBS on concern financial health deteriorates

Olam cut to sell by UBS on concern financial health deteriorates

Olam International, the commodity trader targeted by short-seller Carson Block, was cut to sell from buy by UBS AG amid concern that the company’s financial health may be deteriorating.

UBS analysts Andreas Bokkenheuser and Anubhav Gupta reduced Olam’s 12-month target price by more than half to $1.33 from $2.95, they said in a report today. Shares of Olam, the world’s second-largest rice trader, fell 0.9% to $1.59 in Singapore trading at 10:54 a.m. local time.

UBS becomes the fifth brokerage to downgrade Olam since Block first questioned the company’s accounting methods at a London conference in November. He later rated it a “strong sell” in a report by his research firm Muddy Waters LLC and said the company may fail. Singapore-based Olam has refuted Block’s claims and said last week it’s in the best financial health since its 2005 initial share sale.

OSK Research maintains ‘Buy’ on Pantech, ups fair value to RM1


OSK Research maintains ‘Buy’ on Pantech, ups fair value to RM1
Business & Markets 2013

Written by Shalini Kumar of theedgemalaysia.com  
Wednesday, 09 January 2013 12:10

KUALA LUMPUR (Jan 9): OSK Research has maintained its “Buy’ rating on PANTECH GROUP HOLDINGS BHD [] at 72 sen, with a higher fair value of RM1 (from 81 sen previously).

In a note today, the research house said Pantech was a niche steel player leveraging on the positive outlook for the oil & gas (O&G) sector, and is expecting to see heightened activities on 2013.

Positive longer term outlook for HELP

Positive longer term outlook for HELP
Business & Markets 2013

Written by Insider Asia  
Wednesday, 09 January 2013 10:24

HELP International Corp Bhd’s earnings for the past two years have been depressed by rising costs as it expands to operating multiple campuses, notably with the opening of HELP College of Arts and TECHNOLOGY [] (HELP CAT) at Fraser Business Park, Kuala Lumpur, which opened in May 2011.

The group’s salary cost structure has also risen as it beefs up its number of lecturers with PhD qualifications and improves staff-student ratios, in accordance with HELP’s promotion to full university status from university college last year.

Top Glove gains 1.3% on FY2013 strategy


Hot Stock Top Glove gains 1.3% on FY2013 strategy
Business & Markets 2013

Written by Chong Jin Hun of theedgemalaysia.com  
Wednesday, 09 January 2013 10:51

 KUALA LUMPUR (Jan 9) – Top Glove Corp Bhd rose as much as 1.3% on Wednesday morning, albeit on thin trade, after the world’s largest glove manufacturer said it plans to grow sales volume by up to 15% in the current financial period from a year earlier to mitigate price fall.

At 10.29 am, Top Glove was transacted at RM5.61 with some 91,000 shares done after rising as much as seven sen to RM5.62 earlier.

匯控賣平保遇阻 股價齊跌

匯控賣平保遇阻 股價齊跌
國開行傳叫停貸款
2013年1月9日
【明報專訊】沒有最哄動,只有更哄動。匯控(0005)去年底宣布以高達727.36億元的價格,全數出售持有的平保(2318)15.6%股權予泰國正大集團,已令市場意外。至昨日有內地及本港傳媒披露,貸款予正大旗下卜蜂作收購的國開行,以風險因由叫停貸款,隨即惹來四方八面的傳言。路透社引述消息指出,國務院已派員進駐平保,核查有關公司上市和股權交易事項。雖然平保即時否認了國務院調查的消息,但股價卻已大跌逾4%。

首先引發傳言滿天飛的,為昨日《南華早報》報道指出,由於國開行就批予正大收購平保的440億元貸款上,出現內部分歧,雙方仍未簽署具法律效力的融資協議。「財新網」亦引述消息指出,國開行早於去年12月中旬已以風險為理由,叫停對正大貸款。

郭家耀:航運與航空股造好


Three Charts That Point to Growth in 2013


大陆三大银行暴利

文茜的世界财经周报 20130106 part5 大陆三大银行暴利

债务上限大战更险恶

文茜的世界财经周报 20130106 part2 债务上限大战更险恶

财政悬崖代价高昂恐陷衰退

文茜的世界财经周报 20130106 part1 财政悬崖代价高昂恐陷衰退

Positive on Hong Kong Markets: Pro


Has Gold Lost Its Luster?


The Best Housing Markets to Invest in


汇丰下调2013年金价预期


Why Are Markets Resilient Ahead of Debt Ceiling?


Goldman Adds Citi to Its 'Conviction Buy' List


Housing Growth to Slow?


Wednesday, January 9, 2013

PROPERTY sales will remain soft


THE PROPERTY SECTOR
By Hwang-DBS Vickers Research

PROPERTY sales will remain soft as affordability remains dented by stubbornly high prices which might continue to inch up with rising land and construction costs coupled with strict lending by banks. However, demand should remain robust for landed properties due to dwindling supply, mass housing of less than RM500,000 per unit .

The beneficiaries include Glomac Bhd, Hua Yang Bhd, MKH Bhd and Mah Sing Group Bhd.

The five thematic plays for 2013 are:

Good time for OSV operators

The Star Online > Business
Wednesday January 9, 2013
Good time for OSV operators

Analyst Reports
THE OIL AND GAS SECTOR
By Maybank IB Research

Overweight (unchanged)

WE are beginning to see the award of offshore support vessel (OSV) contracts, with better-than-expected daily charter rates (DCR) and longer tenures.

Share prices of Malaysia's OSV operators should react positively as more contracts are announced in the coming months.

Genting's Norwegian Cruise Line files for US IPO


The Star Online > Business
Wednesday January 9, 2013
Genting's Norwegian Cruise Line files for US IPO

LONDON: Norwegian Cruise Line Holdings Ltd, owned by Genting Hong Kong Ltd, Apollo Global Management LLC and TPG Capital, has filed for an initial public offering in the United States that may raise as much as US$424mil.

The company is offering 23.5 million shares for between US$16 and US$18 apiece, according to a filing yesterday. UBS AG, Barclays Plc, Citigroup Inc, Deutsche Bank AG, Goldman Sachs Group Inc and JPMorgan Chase & Co are among the sale managers.

US hedge fund giant places S$700m bet on F&N


US hedge fund giant places S$700m bet on F&N
04:45 AM Jan 09, 2013SINGAPORE - A United States hedge fund has placed a bet worth almost S$700 million to profit from a takeover battle between two South-east Asian tycoons for property and drinks conglomerate Fraser and Neave (F&N).

Davidson Kempner Capital Management has bought a good chunk of F&N shares since a consortium led by Indonesian tycoon Stephen Riady's Overseas Union Enterprise (OUE) launched a S$13.1-billion counter-bid for the Singapore firm in November. That offer surpassed an earlier one made by Thai whiskey king Charoen Sirivadhanabhakdi through his TCC Assets.

Davidson Kempner's role in the F&N saga is unusual for its size and because one of the bidders, in addition to attempting to buy out the company, is trying to increase its shareholding. At least one instance has emerged in which TCC offered to buy F&N shares from existing shareholders, only to be rebuffed, fuelling hopes of higher bids.

F&N extensions stretching investor patience

F&N extensions stretching investor patience
 by Conrad Raj 04:45 AM Jan 09, 2013
The Fraser and Neave saga is getting ridiculous as the offers for the Singapore-listed property and food and beverage company made by two rival parties get extended without being increased, even as logic dictates that a higher price will probably be necessary to bring the saga to a conclusion.

Last week, OUE Baytown, the consortium led by Overseas Union Enterprise, extended its offer to Jan 14, just a week after Thailand's TCC Assets, which is controlled by whiskey king Charoen Sirivadhanabhakdi, had extended its own offer for the fifth time to Jan 10.

A股彈估值低 內險仍抵買


A股彈估值低 內險仍抵買
內險股昨日慘遭拋售,券商卻力撐前景,當中德銀認為,市場憧憬A股走勢改善,為內險股帶來估值重估機會,同時行業的股價對內涵值比率只有約1.3倍,屬歷史低位,因此前景理想。

該行預期今年A股升10%,內險股將會有16%上漲空間,由於平保(02318)及新華保險(01336)對股市槓桿度高,故調高平保評級至「買入」,同時維持新華保險「買入」評級,並且調高內險股目標價8.7至23.4%,內涵值預測則調高4.8至10.8%。

儘管凱雷沽太保(02601)、滙控(00005)賣平保(02318),但仍獲花旗垂青,維持兩者「買入」評級,給予目標價36元及83元。花旗認為,凱雷悉售有助消除太保不明朗因素,加上其新業務價值增長較同業穩定、償付能力較佳,以及估值合理,故應被看好。同時,因內地壽險業見底、投資收益基數低,以及A股反彈,對內險股前景正面,除太保外,平保估值存在折讓,屬理想選擇之一。

內險股爆小型股災


內險股爆小型股災
2013年1月9日
【明報專訊】港股經過上周升逾600點、及細價股禾雀亂飛後,昨日終現顯著調整,在中資保險及內銀股當災下,跌達218點(0.94%),收報23,111點,主板成交額達827.8億元,扣減太保(2601)的60億元批股上板,仍有達760億元交投。有分析員認為港股早已累積一定升幅,需要健康調整。

內險股全線下挫 僅人保倖免

昨日恒指下跌,主要受一眾中資金融股拖累。匯控(0005)早前出售平保(2318)股權或觸礁,匯控跌0.36%,平保更跌達4%,兩股已拖低恒指31點。內險股更爆出小股災,太保遭私募基金凱雷盡沽持股,收市跌逾2%;中壽(2628)跌3.31%,新華保險(1336)及財險(2328)亦跌逾4%;只有人保(1339)逆市上升1.4%。

滙控賣唔成平保反得益


滙控賣唔成平保反得益

曾被喻為「世紀大刁」的滙控(00005)悉售平保(02318)股權交易或現變數。

市傳原本承諾向買家泰國卜蜂集團提供融資的國家開發銀行決定叫停該筆高達440億港元的貸款,或令這宗交易夭折,令須向美國監管機構繳付19.2億美元和解費用的滙控增添財壓。不過,分析指平保股價較交易作價升逾15%,不排除滙控可因禍得福。

多家傳媒昨報道,指國開行正重新覆核對卜蜂的貸款融資安排。內地《財新網》引述消息,指國開行總行得悉交易涉及有不明來歷的資金後,已於去年十二月中旬以風險提示方式,叫停這筆巨額貸款,並已知會中國保監會。

中金踩內險股 一律降評級

中金踩內險股 一律降評級
【本報訊】港股調整,較早前熱炒的內險股亦悉數回吐,有大行調低該板塊評級。中金發表最新研究報告,將數隻內險股評級由「買入」調降至「收集」(Accumulate),認為投資者應待調整才買入。

中金是次將中國人壽(2628)、中國太保(2601)、中國太平(966)及新華保險(1336)的評級全線調降至「收集」,當中視太保為行業首選,並較看淡新華保險。中金解釋,上述四隻內險股1月7日收市價距離目標價,上升空間不足10%,估值已非低廉,其中,中金將國壽的建議買賣範圍設定於21.3元至28.8元,即表示宜於21.3元附近吸納,28.8元附近沽出。

該股昨日下跌3.3%至26.3元,但仍然處於上述範圍的偏高水平,反映中金認為國壽進一步上升潛力有限。

顶级手套今年稳定成长

顶级手套今年稳定成长
(吉隆坡8日讯)在树胶价格和令吉兑美元匯率持稳之下,顶级手套(TOPGLOV,7113,主板工业股)预计今年会有较稳定的成长,並专注达到全球手套市场30%市占率的目標。

相较2012年波动格局,顶级手套董事主席丹斯里林伟才认为,今年的树胶价格和匯率走势將趋向稳定,有利於该集团成长。

林伟才在匯报会上指出:「在保健领域持续成长下,预计2013年的手套销量可取得10%至15%成长。」

另外,顶级手套將在年內进行3项扩展计划,包括在万津和怡保工厂的第二阶段扩展计划,分別有16条生產线,年產能达15亿只手套,预计將各別在今年4月和8月竣工。

农历新年前料有套利


农历新年前料有套利
吉隆坡8日讯)JF Apex证券指出,在过去13年,综合指数每年都会在1月上涨,但在农历新年前夕出现套利回跌。

富时大马综指(KLCI)週一(7日)以1694.16点的新高闭市,尚无法突破1700点关口。JF Apex证券分析员认为,假设农历新年前套利的歷史料再次重演,拋售活动或会在未来数周发生。

JF Apex证券研究指出,自2000年起,综合指数在农历新年的套利活动前,都会在每年的1月份上扬。

在过去的13年,综指在元旦的首个交易日至农历新年前的高峰期间,平均取得6.1%涨幅。

亚洲媒体-WA 首上市劲升1400%

亚洲媒体-WA 首上市劲升1400%

(吉隆坡8日讯)亚洲媒体集团(AMEDIA,0159,创业板)所发出的凭单--亚洲媒体集团-WA(AMEDIA-WA),周二首日上市即成「抢手货」,在市场扯购之下最终以每股7.5仙掛收,劲升1400%或7仙,並成为全场交投最活跃的股项。

亚洲媒体集团-WA早盘以全日最高的每股7.5仙开市,按照每股0.5仙参阅价计算,涨幅达7仙或1400%。儘管该凭单盘中一度收窄涨幅至每股6.5仙,最终以7.5仙闭市,全日成交量达5959万8000股。

相形之下,母股亚洲媒体却大热走跌,成为全场第6大热门股。该集团盘中最高和最低价位分別是0.21令吉和0.195令吉,全日下跌5仙或2.44%,收报0.20令吉,成交量为2206万3100股。

UEM置地 1.9亿售地皮


(吉隆坡8日讯)UEM置地(UEMLAND,5148,主板產业股)週二宣佈,与Bandar Nusajaya发展有限公司和Liberty Bridge私人有限公司达成买卖协议,將其位于努沙再也公主港(Puteri Harbour)一块14.659英亩的地皮脱售予后者,建议售价为1亿8964万令吉。

同时,UEM置地表示于去年12月14日同样与Bandar Nusajaya发展和Liberty Bridge达成买卖协议,脱售一块位于相同地区,面积28.979英亩的地皮,建议售价为2亿1115万令吉。

文告表示,UEM置地计划通过此脱售,能够將其资源集中在公主港南商业区和Private Marina专用区的发展计划上。同时,希望更多发展商的加入,带动公主港的经济活动。

Caution despite rising chip sales

The Star Online > Business
Tuesday January 8, 2013
Caution despite rising chip sales

ANALYST REPORTS
TECHNOLOGY SECTOR
By Alliance Research
Neutral (maintain)

GLOBAL chip sales reached US$25.73bil (RM78.29bil) in November 2012, marking the highest monthly sales since October 2011.

Again, the big improvement was mainly owing to a strong recovery from the Americas (+9.6% year-on-year, +5.1% month-on-month.

大选不影响政策动向 邓普顿看好马股

大选不影响政策动向 邓普顿看好马股
Created 01/08/2013 - 07:50
(吉隆坡7日讯)不管今年全国大选结果如何,都不会显著影响大马经济政策方向,邓普顿(Templeton)新兴市场集团执行主席马克墨比尔斯因此看好大马股市在大选年的表现。

被誉为“新兴市场教父”的马克墨比尔在媒体汇报会上指出,今年是我国大选年,股市短期内可能会波动,但影响不大。

看好消费原产品油气

“大选成绩趋向对政府的整体政策不会出现太大变化,这里采亲投资者及开明的政策,预计不会有改变。”

Top Glove plans 10-15% volume growth to mitigate lower glove prices


Top Glove plans 10-15% volume growth to mitigate lower glove prices
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com  
Tuesday, 08 January 2013 15:19

KUALA LUMPUR (Jan 8): Top Glove Corp Bhd aims to sell 10% to 15% more rubber gloves in the current financial period from a year earlier, a move deemed crucial to mitigate the impact of lower average selling prices (ASP) of its products in tandem with cheaper raw materials.

Chairman Tan Sri Lim Wee Chai said Top Glove, the world's largest glove manufacturer in terms of capacity, sold 30 billion pieces of gloves in the previous financial year ended Aug 31, 2012, and that it needed to boost sales volume in FY13 as the firm may have to further reduce ASPs to reflect lower natural rubber prices.

Singapore ups ante for casino firms with new rules, bigger fines

Singapore ups ante for casino firms with new rules, bigger fines
Business & Markets 2013
Written by Reuters  
Tuesday, 08 January 2013 14:46

SINGAPORE (Jan 8): In any casino, the odds favour the house. Using its house edge, Singapore is seeking to maximise economic profits and minimise social costs with tighter rules and tougher fines for two casino operators, along with new steps to curb problem gambling.

The wealthy and regimented city-state has enjoyed a windfall of tourism, jobs and revenue since Las Vegas Sands Corp and Genting Singapore Plc opened casino complexes in 2010, in part by linking their licences to how well they develop attractions that are not related to gambling.

Singapore casino VIP market to improve: Mizuho

Singapore casino VIP market to improve: Mizuho

Singapore’s casino VIP market should see improvement along with Macau’s strong December, says Zeno Tse, an analyst at Mizuho Securities Asia.

“But there’s a very big difference between Singapore and Macau,” he adds. “In Macau, you have junkets lining up business for the casino. But in Singapore, we don’t have the same kind of junkets operating.”

Tse notes only two International Market Agents, or IMAs, were licensed in Singapore and they can’t provide credit to players; “the capital pool in Singapore VIP is smaller.”

What does the Fincantieri offer imply about OSV’s prospects?

What does the Fincantieri offer imply about OSV’s prospects?
The low-ball offer by Italian cruise shipbuilder Fincantieri suggests that prospects for the OSV sector may not be as strong as originally thought. Amid the differing views, we see the OSV sector as being in a mid-cycle, where normalised profits and ROEs can be eked out.

Together with a two-year earnings CAGR of 34% through to 2014 (aggregate basis) and a resumption of OSV recovery in 2013 balanced against mean-valuations, we find little reason to be overly-bearish. We maintain Overweight on the sector. Our stock ratings, earnings forecasts and target prices are intact. We also use this opportunity to highlight Jaya.

Pantech Group: Steady Earnings Delivery Momentum to Continue in 3QFY13 (TA)


Pantech Group Holdings
TP: RM0.82
Last Traded: RM0.68
Steady Earnings Delivery Momentum to Continue in 3QFY13

Result Preview
Pantech is expected to release its 3QFY13 results on 22nd or 23rd January 2013. We expect the company to report net profit between the range of RM14.5mn- 16.5mn, on the back of sales of approximately RM165mn-175mn. This would translate to sequential topline and bottomline expansion of 1%-4% and 1%- 15% respectively. Should Pantech achieve the expected numbers in 3QFY13, it would exceed our FY13 expectation as 9MFY13 net profit alone would comprise 79%-83% of our full year forecast.

QL Resources: Poised for regional expansion (DBSV)

QL Resources
BUY RM3.10
(Initiate Coverage)
Price Target : 12-Month RM 4.00

Major Shareholders
CBG Holdings Sdn Bhd (%) 44.9
Farsathy Holdings Sdn Bhd (%) 12.9
QL Resources (%) 1.1
Free Float (%) 42.2
Poised for regional expansion

China Merchant Hldgs : Buys Jiurui Expressway; exits NZ property business (DBSV)


China Merchant Hldgs (Pacific)
BUY S$0.76
Price Target : 12-Month S$ 1.20 (Prev S$ 1.09)
Buys Jiurui Expressway; exits NZ property business

• Buying 48.1km Jiurui E’way for Rmb675m
• Consideration includes disposal of NZ property business and issue of 72.7m new shares at
S$0.84 to the sellers of Jiurui E’way
• Transaction will a) lengthen CMHP’s average concession period b) streamline its focus to expressways only and c) improve liquidity
• Maintain BUY, TP raised to S$1.20

CNMC Goldmine: First Gold Pour from Heap Leach (SIAS)


CNMC Goldmine
 Intrinsic Value S$0.800
 Prev Close S$0.310
Increase Exposure
First Gold Pour from Heap Leach

 CNMC Goldmine Holdings Limited (CNMC) announced on 3 January 2013 that it has successfully produced 740.82 ounces of gold dore bars on 30 December 2012 from its newly commissioned heap leach facility. We are gratified by this development which once again confirms that CNMC is executing its growth strategy successfully.

Strategy – Malaysia 2013 - A Year Of The Laggards (UOBKH)

Strategy – Malaysia
2013 - A Year Of The Laggards

Rising external liquidity will eventually ensure the outperformance of market laggards with expected event catalysts, especially in view that investors may no longer bid up most of 2012’s outperformers ahead of a looming general election. Instead, investors are likely to bid up value-for-money laggards. Gaming, construction and selective property stocks will outperform. Top picks are Genting Malaysia, Gamuda, IJM Corp, Malaysia Airports and MRCB.

• Plenty of market laggards as market divide widens. The FBMKLCI’s 10.3% advance in 2012 has not only created a major rift between the relatively flatlined small-cap stocks (see RHS chart), there are also more than a handful of large-cap stocks which have fallen or stayed flat.

Property – Singapore What A Year, And There’s More To Come (UOBKH)

Property – Singapore
What A Year, And There’s More To Come

We remain OVERWEIGHT on property developers, raising our target prices by 20% on average, incorporating mainly our flat price expectations from our previous expectation of an 8-10% price fall. The change in our view comes on the back of a stronger-than-anticipated macroeconomic environment supporting market demand. We upgrade Wheelock to BUY from HOLD.

CapitaLand and Ho Bee are our top picks for the sector.

Following turnaround, FCOT adjusts capital structure, launches asset enhancement plans Personal Finance

Following turnaround, FCOT adjusts capital structure, launches asset enhancement plans
Personal Finance

Written by Goola Warden of The Edge Singapore  
Friday, 04 January 2013 00:00

LOW Chee Wah, CEO of Frasers Commercial Trust's manager, says the real estate investment trust (REIT) that landed in financial trouble during the global credit crunch four years ago has fully recovered. And, it is now in a good position to boost its distribution per unit (DPU) by enhancing the revenue potential of its assets as well as by tweaking its capital structure.

曾淵滄專欄09.01.13:大戶換馬 熱錢未撤


曾淵滄專欄:大戶換馬 熱錢未撤 - 曾淵滄

恒指由去年9月底展開升浪,錄得4000點升幅後,昨日出現較像樣的調整,一方面是外圍股市全線出現套利調整,港股跟着調整也是健康的。另一方面,昨日市場出現一些傳言,不利內地金融股,自然就更應該借勢調整。

不過,儘管昨日恒指調整幅度達218點,恒指成份股中的公用股如中電(002)、煤氣(003)、電能(006)都能逆市站穩及上升,這說明市底仍強,有基金換股,賣掉一些升幅已多的股,換入較保守的公用股以減低風險。

還有,濠賭股依然在升,連持有銀娛(027)的嘉國(173)也衝上4元大關,這說明仍然有人在追入部份板塊,股市不可能只升不跌,在恒指大跌的同時,有部份板塊能維持升勢,那是大戶以行動來告訴小股民,他們的資金仍在市場,未真正撤離。

Private home rents may fall by up to 5%: DTZ


Private home rents may fall by up to 5%: DTZ

Property consultant DTZ expects rents of Singapore’s private residential units to fall by up to 5% this year compared with a slight rise in 2012 due to a large oncoming supply of new flats and slowing population growth.

Singapore’s home prices and rents have remained firm despite government efforts to cool its red hot housing market, buoyed by strong investor interest as a result of low interest rates and a tight labour market.

DTZ estimates that around an average of 19,225 private homes will be completed per year from 2012-2016, sharply higher than an annual average of 9,136 units in the previous 10 years. The bulk of the new supply will also be in the suburbs, which will create more pressure in those areas, the property consultant noted.

Maybank-Kim Eng tips Noble as top pick for commodity traders


Maybank-Kim Eng tips Noble as top pick for commodity traders

Maybank-Kim Eng upgrades Singapore’s commodity-trader segment to Overweight from Neutral; “these stocks have suffered both de-ratings and earnings declines in 2012, but we expect a healthy rebound this year as markets switch to a risk-on mode.”

It expects profit growth to adjust to a more-sustainable level. “While profit growth may not excite as much as it used to, we believe these commodity traders still play a very relevant role in the longer-term picture. These companies control commodity flows into Asia, which will demand increasingly more commodities as cities industrialise and population grows. China is now the main driver of global incremental demand, and this will likely have more legs to run.”

入省油新機型可年省7800萬‧亞航增載客量捍衛地位

入省油新機型可年省7800萬‧亞航增載客量捍衛地位
Created 01/08/2013 - 17:33
(吉隆坡8日訊)亞洲航空(AIRASIA,5099,主板貿服組)迎來新省油機型逐步替換和擴大機隊,分析員看好長期可年省7千800萬令吉燃油費和提昇載客量,對捍衛區域廉航龍頭老大地位利好,加上馬印航空小規模登陸,財政吃緊,料僅溫和影響短期賺幅。

上個月亞航宣佈100架飛機訂單中,36架為鯊鰭翼型A320飛機,近期已在法國圖盧茲空中巴士(Airbus)總廠接收全球首架裝設鯊鰭小翼A320飛機,預計此機型可節省4%耗油量和碳排放量,較原有機型多飛100哩航程或多載450公斤的載重量。

僑豐研究表示,採用該型號飛機所需的燃油費比駕車更廉宜,每人每100公里燃油效率為2.62公升,比2009年的2.72公升低。

最低新薪制令成本增50%‧頂級手套漲價和自動化減衝擊


最低新薪制令成本增50%‧頂級手套漲價和自動化減衝擊
Created 01/08/2013 - 17:31
(吉隆坡8日訊)頂級手套(TOPGLOV,7113,主板工業產品組)在今年一月實施的最低薪金制下導致員工成本增加50%,惟透過調高膠手套產品價格達5%及透過長遠自動化作業後,可望減緩衝擊。

頂級手套主席丹斯里林偉才說,該集團已經採取轉嫁成本與透過生產自動化措施,試圖減緩衝擊。

他說,所有大馬公司相信受此措施衝擊,但中國、泰國與印尼等國過去5年都在調薪,稍滯後的大馬調漲幅度沒有那麼大。

Salcon ventures into property


Salcon ventures into property
Business & Markets 2013

Written by Esther Lee of theedgemalaysia.com  
Tuesday, 08 January 2013 09:20

KUALA LUMPUR: CONSTRUCTION [] player SALCON BHD [] plans to diversify into property development with the acquisition of a 12.7-acre plot in Johor Baru.

Salcon’s proposed mixed development on the plot is expected to generate RM1.16 billion in gross development value and RM234 million in gross profit.

Local equities to continue doing well despite election outcome

Local equities to continue doing well despite election outcome
Business & Markets 2013

Written by Kamarul Azhar of theedgemalaysia.com  
Tuesday, 08 January 2013 09:23

KUALA LUMPUR: Malaysia’s equity market is expected to continue to perform well this year, regardless of the outcome of the 13th general election as rising income fuels consumption which will benefit consumer-oriented stocks.

Templeton Emerging Market Group executive chairman Dr Mark Mobius said although the FTSE Bursa Malaysia KLCI had reached an all-time high of 1,692.5 points recently, investor sentiment towards Malaysia’s economic and stock market performance remains good, given the low level of inflation and government economic and social policies which have been investor-friendly.

Warren E. Buffett(沃伦•巴菲特)
Be fearful when others are greedy, and be greedy when others are fearful
别人贪婪时我恐惧, 别人恐惧时我贪婪
投资只需学好两门课: 一,是如何给企业估值,二,是如何看待股市波动
吉姆·罗杰斯(Jim Rogers)
“错过时机”胜于“搞错对象”:不会全军覆没!”
做自己熟悉的事,等到发现大好机会才投钱下去

乔治·索罗斯(George Soros)

“犯错误并没有什么好羞耻的,只有知错不改才是耻辱。”

如果操作过量,即使对市场判断正确,仍会一败涂地。

李驰(中国巴菲特)
高估期间, 卖对, 不卖也对, 买是错的。
低估期间, 买对, 不买也是对, 卖是错的。

Tan Teng Boo


There’s no such thing as defensive stocks.Every stock can be defensive depending on what price you pay for it and what value you get,
冷眼(冯时能)投资概念
“买股票就是买公司的股份,买股份就是与陌生人合股做生意”。
合股做生意,则公司股份的业绩高于一切,而股票的价值决定于盈利。
价值是本,价格是末,故公司比股市重要百倍。
曹仁超-香港股神/港股明灯
1.有智慧,不如趁势
2.止损不止盈
成功者所以成功,是因为不怕失败!失败者所以失败,是失败后不再尝试!
曾淵滄-散户明灯
每逢灾难就是机会,而是在灾难发生时贱价买股票,然后放在一边,耐性地等灾难结束
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